Toffee Insurance, an Indian InsurTech startup, has reportedly closed a Series A round on $5.5m to support the creation of new products.
Contributions to the series investment came from IVM Intersurer, Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital, according to an article from Crowdfund Insider.
Funds from the round will be used to broaden its product suite, improve its merchant and customer experience, bolster its technology infrastructure and distribution efficiency, the article states.
Toffee is an online insurance platform which enables consumers to buy policies for international travel, mosquito diseases, cycling, backpacking and daily cash. The term lengths range from six months to one year.
Last year, the company collected $1.5m in its seed round, which was supported by Kalaari Capital, Omidyar Network and Accion Venture Lab.
India’s FinTech sector has received over $16bn since 2014, with most of this capital being deployed in the payments and remittance space. InsurTech platforms in the region have represented 6.1% of the country’s capital. While this seems like a small percentage, it is the third biggest FinTech space in India.