Hong Kong-based insurance platform Ignatica said it raised US$7 million in a pre-series A funding round led by growth capital private equity fund Ling Feng Capital.
Other backers such as US-based SOSV Investment Funds, Hong Kong-based AFG and Fund Australia-based Artesian also participated in the round, according to a statement.
Ignatica was founded in 2018 and it offers digital solutions for insurers to launch and build new insurance products at lower costs. It also automatically adjusts pricing and changes product configurations to help insurers reach a wider range of customers.
Ignatica president and co-founder Travis Callahan said the company will use the new funds, with help from its cast of global investors, to scale its growth across Southeast Asia, China, Japan, and Europe, and North America.
“The insurance industry is going through an era of unprecedented transformation, with consumers seeking the convenience of buying and interacting with insurance services easily with nothing more than their mobile phone,” said Ignatica CEO and co-founder Manuel San Miguel.
The startup claims the funding round comes after it saw a 3x growth in both staffing and market traction over the last 18 months. The fundraise also follows Ignatica’s graduation from Shanghai-based Chinaccelerator’s 18th cohort late last year, joining five other startups graduates in the software-as-a-service space.