Munich Re Ventures, the corporate venturing arm of reinsurer Munich Re, led a $60m series D round for India-based online insurance platform Acko Technology yesterday, TechCrunch reported.
E-commerce and cloud services group Amazon also invested, as did Intact Ventures, the corporate venture capital arm of insurance provider Intact Financial, and venture capital firm RPS Ventures. The round reportedly valued the company at approximately $500m.
Acko runs an online platform that sells automotive and healthcare insurance policies directly to consumers and businesses, and through partners such as Amazon. It claims it has more than 60 million registered customers and has issued more than 650 million policies to date.
The series D funds have been allocated to scaling the company’s underwriting technology and growing its data teams by at least 30% to 40%, as well as financing finance insurance policies and supporting marketing activities targeting growth in smaller cities and towns in India.
Oshri Kaplan, director at Munich Re Ventures, said: “We are excited to join forces with one of the leading digital insurers in India, as well as other investment partners, to help support [founder and CEO Varun Dua] and his impressive team as they continue their journey.
“As Munich Re Ventures’ first investment in India, we look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way.”
Acko has now secured $203m in funding altogether, having attracted $36m in funding from Ascent Capital and Binny Bansal in November 2019. Amazon and Intact Financial joined forces with RPS Ventures, TechPro Ventures, SAIF Partners, Accel and Binsal in March 2019 in a $65m series C round.
The series C valued the company at about $300m and came after Amazon led its $12m series B round in mid-2018, investing alongside Catamaran Ventures. The latter had backed its $30m series A round the year before together with Accel, SAIF Partners and assorted angel investors.
