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Hong Kong-based insurance coverage firm FWD Group has partnered with Malaysia-based agency Artem Ventures to launch an RM45 million enterprise capital (VC) fund, introduced in a press launch in the present day.
The fund, named TIM Ventures, will put money into rising startups within the insurtech and Islamic fintech house in Malaysia.
“By launching TIM Ventures, we hope to assist early-stage entrepreneurs in Malaysia by not simply offering them with financing, but additionally serving to to attach them with the networks and experience they should succeed,” stated Sim Preston, FWD Managing Director and Group Chief Working Officer.
Based in 2013, FWD is the insurance coverage arm of funding group Pacific Century Group and has been current in Malaysia since 2019.
It’s already funded 4 startups
The fund has already invested in 4 Malaysian startups, together with winners from the FWD Group’s 2021 pre-accelerator, FWD Begin-Up Studio. The funding quantity for every funding is undisclosed.
Specifically, the 4 startups are Senang, Pewarisan, Du-It, and Blueduck.
Senang is an on-demand subscription-based insurance coverage firm that we’ve featured previously. A B2B startup, it goals to permit firms and SMEs to get one-off insurance coverage coverages.
In 2019, it made headlines for collaborating with maid-booking platform Maideasy and offering cleaners with each day on-demand private accident insurance coverage for less than RM1 per day.
Pewarisan, referring to the Malay phrase which means inheritance, is an internet platform offering digital options for Islamic inheritance planning. Particularly, it offers customers entry to succession planning and property administration.
Malaysian Purchase Now, Pay Later fintech startup Du-It is usually on the roster of startups. Based on its web site, Du-It covers each B2C and B2B options that leverage its staff’s collective expertise of greater than 20 years serving the fintech business.
Final however not least is Blueduck, a zero-deposit insurance coverage company serving landlords and tenants in Malaysia. Primarily, this startup replaces the normal safety deposit system.
Based on iBilik, which has partnered with Blueduck since 2020, the system works by permitting a tenant to lease a property by solely paying the equal of 1 week’s rental together with an advance rental for the primary month.
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One thing that’s typically mentioned in relation to rising and fostering Malaysia’s startup ecosystem is participation from personal corporations.
Thus, funds resembling FWD Group and Artem Ventures’ TIM Ventures must be considered an important initiative for our native insurtech scene and, by extension, all the startup ecosystem in Malaysia.
- Study extra about FWD Group right here.
- Learn different articles we’ve written about funding right here.
Picture Credit score: Pewarisan / Senang / Blueduck / Du-it
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