AAA Allianz takes a position at Bima

Allianz takes a position at Bima

Allianz X, the digital investment unit of insurance firm Allianz, yesterday made a $96.6m investment in Bima, a Sweden-based provider of insurance and mobile health services in developing markets.

The deal, which valued Bima at about $300m post-money according to TechCrunch, makes Allianz the company’s largest strategic shareholder.

Founded in 2010, Bima enables consumers in emerging markets to take out life, health and accident insurance through their mobile devices.

The company partners local operators such as telecommunications networks, banks and microfinance providers to offer its services in 14 countries across three continents. It has 24 million registered customers.

Bima raised $38.4m from telecoms and media group Millicom, mobile network operator Digicel, investment firm Kinnevik, private equity provider LeapFrog Investments and assorted angel investors in 2015.

The 2015 funding was raised as part of a series C round that was extended by a $16.8m investment from Axiata Digital, the digital services division of telecoms firm Axiata Group, in April 2017.

Millicom had previously participated in Bima’s $22m series B round in 2014 alongside Kinnevik and LeapFrog. Details of previous rounds have not been disclosed, but reports suggest Millicom, Kinnevik and LeapFrog had invested a combined $7.1m in the company by 2013.

Bima CEO Gustaf Agartson said: “Allianz is the perfect insurance partner and investor for Bima because of their strong commitment to emerging markets and overlapping footprint.

“This investment will allow us to continue our journey to innovate, scale existing as well as new markets and retain our place as the emerging market insurtech leader.”

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