India-based online insurance platform Acko has raised $255m in a series D round featuring insurance providers Munich Re and Intact Financial at a valuation of $1.1bn, TechCrunch reported yesterday.
The round was co-led by General Atlantic and Multiples Private Equity and also backed by Canada Pension Plan Investment Board and Lightspeed Growth, while Munich Re and Intact Financial invested through their respective corporate venturing units: Munich Re Ventures and Intact Ventures.
Founded in 2016, Acko provides an online platform that offers automotive and healthcare insurance policies to both consumers and businesses. The capital will be used to expand its healthcare offering and hire new talent across its technology, product and data science teams.
Munich Re Ventures led a $60m series D round for Acko in September 2020 that also featured e-commerce and cloud services group Amazon, Intact Ventures and RPS Ventures, reportedly valuing it at approximately $500m.
Acko had previously secured $36m in funding from Ascent Capital and Binny Bansal in November 2019. Amazon and Intact Financial provided it with $65m in series C funding in March the same year together with RPS Ventures, TechPro Ventures, SAIF Partners, Accel and Binsal.
Amazon led a $12m series B round for the company in mid-2018, investing alongside Catamaran Ventures. The latter had joined Accel, SAIF Partners and assorted angel investors to supply $30m in a series A round the year before.
