Rabbit Care, a Bangkok-based online marketplace for insurance and financial products, has raised an undisclosed sum in a Series C funding round led by Winter Capital with participation from Thailand’s media conglomerate, VGI PCL, according to an announcement.
Founded in 2013 and rebranded “Rabbit Finance” to “Rabbit Care” on 6 October 2021, the company provides a marketplace for insurance (life and non-life insurance) and financial products (loans and credit cards).
The business covers six business segments, including motor insurance, health insurance, life insurance, other insurance, corporate insurance and financial products. To date, the company has more than 70 business partners, four offices and over 700 employees.
In a statement in February this year, Rabbit Care targeted more than THB 3 billion insurance premiums in 2022.
“Also in 2021, despite the challenges of Covid19, Rabbit Care was able to more than double its insurance premium distributed to over THB 1.9 billion. The company also welcomed new shareholders through its Series B investment round, among them Samsung Ventures and Korea Investment Partners, and integrated Asia Direct Broker, a leading motor insurance broker into its ecosystem,” said Michael M. Steibl, co-founder & CEO of Rabbit Care, in the statement in February.
“Markets are set to recover from Covid19 both globally and in Thailand, and the ratio of insurance premium to GDP remains only modest compared with other APAC markets. This positive market outlook, combined with the ongoing trend of purchasing goods and services online, provides massive growth opportunities,” he added.
Rabbit Care raised $15 million in a Series B in 2020, according to data from Crunchbase.
Winter Capital is an international growth markets investment firm focusing on consumer industries going through technology-enabled change.
Winter Capital Partners Investment funds focus on growth equity investments in South East Asia, MENA and other emerging markets. The funds invest in fast-growing technology companies in a number of verticals, including healthcare, education, financial and consumer services. The funds have total assets under management exceeding $1.4 billion to date.
“We’re thrilled to lead this investment round in Rabbit Care,” said Anton Farlenkov, managing director of Winter Capital. “We are impressed with Rabbit Care’s growth, fuelled by the team’s clear strategy and strong execution. We look forward to supporting Rabbit Care’s continued expansion as a shareholder.”
Thailand’s insurance market recognised several players raising funds recently. In August last year, full-stack insurtech startup Sunday raised $45 million in a Series B round from a group of investors to expand its retail product. New and existing investors joined the round, including Tencent Holdings, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, Z Venture Capital and KSK Ventures.
Meanwhile, in February 2021, insurtech company FairDee merged with Qoala Group, the fastest-growing venture-backed regional insurtech startup with operations in Thailand, Indonesia and Malaysia.