Singapore-based insurtech anycover clinches $450k funding
The round was led by Powerhouse Ventures, with participation from 1337 Ventures.
Singapore-based insurtech startup anycover has raised $450k in a pre-seed funding round led by Powerhouse Ventures, with participation from 1337 Ventures and two angel investors – Walter de Oude, Founder & former CEO of Singlife, and Khairil Abdullah, CEO at Veon Ventures and former Chairman of Axiata Boost.
anycover provides small and medium-sized online merchants with a plug-and-play API solution that enables them to easily launch and manage their own extended warranty programs without having to create them from scratch. Whilst many large retailers have already implemented successful digital extended warranty programs, small and medium-sized merchants face significant roadblocks in setting up their own due to long commercial onboarding times and minimum premium requirements by insurers.
According to anycover, this is a missed opportunity as these programs help merchants generate incremental revenue, boost conversion, and increase customer loyalty. It plans to address these challenges by streamlining the onboarding process and pre-negotiating terms with leading insurers.
“The e-commerce space in Southeast Asia is expected to double in gross merchandise value by 2025, while insurance penetration remains low. We believe that our solution is now more relevant than ever as the recent direct-to-consumer shift has created a sellers boom, which further intensifies an already competitive landscape and requires merchants to differentiate. Our mission is clear: to support small and medium-sized merchants in successfully growing their online business by providing a value-added service centred around elevating the customer experience,” Bharad Ogirala, Co-Founder and CEO of anycover said.
You may also like: