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September 8, 2020

BIMA secures $30m investment to bolster footprint in Africa and Asia

By Verdict Staff

BIMA, a life and health insurance policies provider which also offers telemedicine services, has secured $30m investment from CreditEase, Allianz X, and LeapFrog.

The company intends to use the newly raised capital to expand its product line and bolster its footprint across Africa and Asia.

It looks to build on the current record of two million teledoctor consultations and 35 million insurance and health policies.

As part of its health hub approach, BIMA also provides customers with integrated health services, including health programmes for managing chronic illnesses, discounts at pharmacies and drug delivery.

The company noted that the demand for digital health services as well as insurance cover against life and health risks has doubled in the wake of Covid-19 pandemic.

BIMA founder and CEOGustafAgartson said: “The onset of Covid-19 has brought home the value of telemedicine, to help prevent the spread of disease, and the importance of insurance, for peace of mind. Through digital solutions, and a human touch, we’ve been able to serve hard to reach communities with tools and services that bring them a sense of security at such a challenging time.

“The funds we have raised will allow us to expand our operations and further invest in our product offering that will help us scale quickly to meet the unprecedented demand for our services.”

CreditEase Fintech Investment Fund (CEFIF), which led the investment round, invested in BIMA for the first time, while existing shareholders LeapFrog Investments and Allianz increased their investment in the firm.

CEFIFmanaging partner Dennis Cong said: “We are very impressed by BIMA’s innovative integration of micro insurance and tele-doctor services, which provide critical coverage to meet large unmet demand in emerging markets, and whose value is accentuated further by the current pandemic.”

LeapFrog Investments partner Stewart Langdon said: “The market that BIMA is serving is vast and demand for health services is tremendous. BIMA’s unique digital capabilities empower emerging market consumers to access many health and insurance services on a single, easy to use platform. That includes protection for millions of first-time buyers of insurance who would otherwise remain unprotected and at risk.

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