Hong Kong-centered insurance policy corporation FWD Group has partnered with Malaysia-based agency Artem Ventures to start an RM45 million venture cash (VC) fund, introduced in a press launch nowadays.
The fund, named TIM Ventures, will make investments in rising startups in the insurtech and Islamic fintech place in Malaysia.
“By launching TIM Ventures, we hope to assistance early-phase business owners in Malaysia by not just supplying them with funding, but also assisting to link them with the networks and know-how they want to thrive,” said Sim Preston, FWD Taking care of Director and Team Chief Functioning Officer.
Launched in 2013, FWD is the coverage arm of expenditure team Pacific Century Group and has been current in Malaysia because 2019.
It is presently funded four startups
The fund has by now invested in 4 Malaysian startups, like winners from the FWD Group’s 2021 pre-accelerator, FWD Commence-Up Studio. The funding sum for just about every financial commitment is undisclosed.
Namely, the four startups are Senang, Pewarisan, Du-It, and Blueduck.
Senang is an on-demand membership-dependent coverage firm that we’ve featured in the past. A B2B startup, it aims to allow for organizations and SMEs to get one particular-off insurance policy coverages.
In 2019, it designed headlines for collaborating with maid-booking platform Maideasy and offering cleaners with daily on-need particular accident insurance for only RM1 for each working day.
Pewarisan, referring to the Malay phrase that indicates inheritance, is an online platform offering electronic solutions for Islamic inheritance preparing. Specifically, it gives buyers obtain to succession planning and estate management.
Malaysian Get Now, Pay out Later on fintech startup Du-It is also on the roster of startups. According to its site, Du-It handles both of those B2C and B2B alternatives that leverage its team’s collective expertise of a lot more than 20 years serving the fintech sector.
Last but not least is Blueduck, a zero-deposit insurance coverage company serving landlords and tenants in Malaysia. Primarily, this startup replaces the common safety deposit method.
In accordance to iBilik, which has partnered with Blueduck since 2020, the method is effective by enabling a tenant to lease a assets by only having to pay the equivalent of one week’s rental along with an progress rental for the initially month.
A little something that is generally mentioned when it arrives to developing and fostering Malaysia’s startup ecosystem is participation from private corporations.
Consequently, resources these as FWD Team and Artem Ventures’ TIM Ventures really should be regarded as a good initiative for our neighborhood insurtech scene and, by extension, the full startup ecosystem in Malaysia.
- Discover more about FWD Team listed here.
- Read other articles or blog posts we’ve prepared about funding in this article.
Graphic Credit: Pewarisan / Senang / Blueduck / Du-it