28/6/2019 – Gigacover, an insurance technology startup based in Singapore has secured a seed funding from seasoned Silicon Valley and Southeast Asia fintech investors.
The terms of finance were not revealed, but the investors include Hong Kong’s Vectr Fintech Partners, Singapore’s Quest Venture Partners, and Alto Partners.
Gigacover operates a digital insurance stack that leverages machine learning and analytics catering to the flexible insurance needs of rapidly changing workforce, especially targeting those in the booming gig economy.
“In Southeast Asia, 60 percent of employment is in informal employment and growing. The gig economy has governments and companies rethinking pay structures, health insurance and other incentives for their people,” said Mark Munoz, the Vectr Fintech Partners.
“Given the trend, we believe Gigacover will bridge the gaps that currently exist in freelance worker protection,” he added.
Besides, Gigacover has also been innovative and has co-created new insurance solutions, such as the region’s first prolonged medical leave income protection product and a suite of general insurance products backed by Etiqa and AXA.
The company recently revealed an exclusive partnership with Indonesian unicorn Gojek to offer extensive earnings protection to its driver-partners.
Gigacover plans to use the investment to fuel its growth and strengthen its position in Singapore as well as expand into other Southeast Asian markets.
Founded in 2017 by Amerson Lim and Chua Cheng Xun, the startup was first backed by MIT alumn and internet entrepreneur Wong Toon King through his early-stage fund FarSight Capital.
