New funding for Symbo will allow the platform to improve its delivery of insurance to individuals across India and Southeast Asia.
Symbo has raised $9.4 million in funding round led by CreditEase Fintech Investment Fund, with the participation of San Francisco-based Think Investments and existing investors Integra Partners, Insignia Ventures and AJ Capital, the startup announced on Thursday.
With the new investment, Symbo is looking to boost 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, the announcement said.
Growing Reach
Established in 2017, Symbo supports agents, third party administrators, brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia.
The funding round comes on the heels of Symbo's acquisition of Singapore-based digital health platform Vivant.
Symbo works with 80,000 agents and 45 technology licensing partners, supporting over $100 million in annual gross written premiums.
