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Hong Kong-based insurance coverage firm FWD Group has partnered with Malaysia-based agency Artem Ventures to launch a RM45 million enterprise capital (VC) fund, introduced in a press launch immediately.
The fund, referred to as TIM Ventures, will spend money on startup startups within the insurtech and Islamic fintech house in Malaysia.
“By launching TIM Ventures, we look ahead to supporting early-stage entrepreneurs in Malaysia by not solely offering them with financing, but additionally serving to join them with the networks and experience they should succeed,” mentioned Sim Preston, FWD Managing Director and Group. Director of operations.
Based in 2013, FWD is the insurance coverage division of the funding group Pacific Century Group and has been current in Malaysia since 2019.
It has already funded 4 startups
The fund has already invested in 4 Malaysian startups, together with the winners of FWD Group’s 2021 pre-accelerator, FWD Begin-Up Studio. The quantity of financing for every funding is just not disclosed.
Particularly, the 4 new corporations are Senang, Pewarisan, Du-It and Blueduck.
Senang is an on-demand underwriting based mostly insurance coverage firm that now we have featured prior to now. A B2B startup, its purpose is to allow companies and SMEs to acquire distinctive insurance coverage protection.
In 2019, she made headlines for collaborating with maid reserving platform Maideasy and offering cleaners with on-demand private accident insurance coverage for simply RM1 per day.
Pewarisan, referring to the Malay phrase that means inheritance, is an internet platform that gives digital options for Islamic inheritance planning. Particularly, it provides customers entry to property planning and property administration.
Du-It, Malaysian fintech startup Purchase Now, Pay Later, can also be on the record of startups. In accordance with its web site, Du-It covers each B2C and B2B options that draw on its group’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 householders and renters in Malaysia. Basically, this startup replaces the normal safety deposit system.
In accordance with iBilik, who has partnered with Blueduck since 2020, the system works by permitting a tenant to hire a property by paying only a week’s equal of hire together with a down cost on the primary month’s hire.
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One thing that’s usually mentioned with regards to rising and nurturing the Malaysian startup ecosystem is the involvement of personal corporations.
Due to this fact, funds like FWD Group and Artem Ventures’ TIM Ventures needs to be thought-about an important initiative for our native insurtech scene and by extension your entire startup ecosystem in Malaysia.
- Study extra concerning the FWD Group right here.
- Learn different articles now we have written on financing right here.
Picture Credit score: Pewarisan/Senang/Blueduck/Du-it
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TIM Ventures M’sia, investment fund for insurtech & Islamic fintech
