India-based InsurTech Riskcovry said to raise $5m

Digital insurance software developer Riskcovry has reportedly raised $5m in its Series A round, which was led Omidyar Network India.

Contributions to the round also came from Pentathlon Ventures and DMI Sparkle Fund, according to a report from Inc42.

The equity has been earmarked to create new insurance products, buildout its data science teams and quadruple its partner network.

Based in India, the InsurTech offers plug and play APIs that helps companies automate their insurance distribution.

Insurers can leverage Riscovry to offer health insurance, cancer care, item protection, renters cover, bill insurance, startup and retail business cover, and theft cover.

The company previously raised $1.2m in its pre-Series A round last year. Funds were supplied by Bharat Inclusion Seed Fund, Varanium Capital and Better Capital.

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