Symbo Platform Holdings, a Singapore-based insurance technology (insurtech) platform, completed a Series A US$9.4 million funding round led by CreditEase Fintech Investment Fund that saw significant participation from San Francisco-based investment firm Think Investments, along with follow-on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.
The platform supports agents, third-party administrators, brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia.
With the new investment, Symbo plans to bolster its core technology platform and leadership team to bring its offerings to scale across India and Southeast Asia. Key areas of investment include recruitment across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia and Indonesia. A large proportion of the funds has also been earmarked for investment into Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business.
“This is the dream team of investors and their deep knowledge of Asia will play a pivotal role in Symbo’s continued growth,” says Symbo’s co-founder and CEO Adrit Raha. “With this significant investment, we will rapidly scale our platform to improve the delivery of insurance to millions of underinsured individuals and families across India and Southeast Asia.”
Dennis Cong, managing partner of CreditEase Fintech Investment Fund, adds: “Digital-driven insurance and healthcare markets have huge potential, especially in India and Southeast Asia where customers are largely underserved, struggling to manage their insurance policies or ending up being sold generic and irrelevant products."
The latest funding round follows Symbo’s acquisition of Singapore-based digital health platform Vivant.