Singapore insurtech Symbo raises $9.4m in funding round

With the new investment, it will bolster its core tech platform and leadership.

Singapore-based insurtech Symbo has completed a $9.4m funding round led by CreditEase Fintech Investment Fund, a statement read.

The round also saw significant participation from San Francisco-based investment firm Think Investments along with follow-on investment from existing investors Integra Partners, Insignia Ventures, and AJ Capital.

Established in 2017, Symbo supports agents, third party administrators (TPAs), brokers, corporates, and insurers in the purchase, distribution, and administration of insurance across India and Southeast Asia.

With the new investment, the firm will bolster its core technology platform and leadership team to bring its offerings to scale across India and Southeast Asia. Key areas of investment include recruitment across senior technology and product functions in addition to senior business development hires in Singapore, Malaysia, and Indonesia.

A large proportion of the funds has also been earmarked for investment into Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business, subject to applicable regulatory approvals.