Hong Kong-based insurance coverage firm FWD Group has partnered with Malaysia-based agency Artem Ventures to launch an RM45 million enterprise capital (VC) fund, introduced in a press launch at the moment.
The fund, named TIM Ventures, will put money into rising startups within the insurtech and Islamic fintech area in Malaysia.
“By launching TIM Ventures, we hope to support early-stage entrepreneurs in Malaysia by not just providing them with financing, but also helping to connect them with the networks and expertise they need to succeed,” stated Sim Preston, FWD Managing Director and Group Chief Operating Officer.
Founded in 2013, FWD is the insurance coverage arm of funding group Pacific Century Group and has been current in Malaysia since 2019.
It’s already funded 4 startups
The fund has already invested in 4 Malaysian startups, together with winners from the FWD Group’s 2021 pre-accelerator, FWD Start-Up Studio. The funding quantity for every funding is undisclosed.
Namely, the 4 startups are Senang, Pewarisan, Du-It, and Blueduck.
Senang is an on-demand subscription-based insurance coverage firm that we’ve featured previously. A B2B startup, it goals to permit firms and SMEs to get one-off insurance coverage coverages.
In 2019, it made headlines for collaborating with maid-booking platform Maideasy and offering cleaners with day by day on-demand private accident insurance coverage for less than RM1 per day.
Pewarisan, referring to the Malay phrase which means inheritance, is a web based platform offering digital options for Islamic inheritance planning. Specifically, it offers customers entry to succession planning and property administration.
Malaysian Buy Now, Pay Later fintech startup Du-It can also be on the roster of startups. According to its web site, Du-It covers each B2C and B2B options that leverage its staff’s collective expertise of greater than 20 years serving the fintech trade.
Last however not least is Blueduck, a zero-deposit insurance coverage company serving landlords and tenants in Malaysia. Essentially, this startup replaces the standard safety deposit system.
According to iBilik, which has partnered with Blueduck since 2020, the system works by permitting a tenant to hire a property by solely paying the equal of 1 week’s rental together with an advance rental for the primary month.
Something that’s typically mentioned relating to rising and fostering Malaysia’s startup ecosystem is participation from non-public firms.
Thus, funds corresponding to FWD Group and Artem Ventures’ TIM Ventures must be considered an incredible initiative for our native insurtech scene and, by extension, your complete startup ecosystem in Malaysia.
- Learn extra about FWD Group right here.
- Read different articles we’ve written about funding right here.
Image Credit: Pewarisan / Senang / Blueduck / Du-it