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June 2, 2020

Munich Re may lead $70m financing round in Acko Technology

Munich Re Ventures, the strategic corporate venture capital arm of Munich Reinsurance, may lead a financing round in Acko Technology.

The company is in the final stages of leading a $60-70m financing round in Acko, reported the Economic Times.

As per the report, the funding is anticipated to value Acko at around $400-500m.

The round is likely to have participation from existing investors such as Amazon, former SoftBank executive KabirMisra’s RPS Ventures and Intact Ventures.

Munich Re has previously backed firms across insure-tech, digital health, deep tech sectors.

In the digital insurance arena, it has raised capital for US firms including Next Insurance, Inshur, and Hippo Insurance.

The investment round will reportedly close in about a month’s time.

In March last year, Acko General Insurance raised $65m capital in a new C funding round that was attended by several existing and new investors.

Later in 2019, the firm revealed its plan to raise $40m-$42m in fresh fund from a number of new as well as existing investors.

Recently, in the wake of Covid-19 pandemic, Ackooffered a one-month insurance extension to car and bike owners to provide them some relief during the crisis.

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