Ignatica, a plug & play SaaS insurance platform, has reportedly bagged $7m in its pre-Series A funding round.
Ling Feng Capital, a growth capital private equity firm, served as the lead investor, with commitments also coming from SOSV Investment Funds, Artesian and AFG Fund, according to a report from International Finance.
This burst of funding will support Ignatica’s expansion across Southeast Asia, China, Japan, Europe and North America.
Based in Hong Kong, Ignatica aims to help insurers grow their markets and support their customers online. Its plug & play SaaS solution enables an insurer to easily launch and manage complex and customised insurance products.
It also enables the firm to administer policies at a lower cost and migrate existing products from legacy systems.
Ignatica CEO and co-founder Manuel San Miguel told International Finance, “The insurance industry is going through an era of unprecedented transformation, with consumers seeking the convenience of buying and interacting with insurance services easily with nothing more than their mobile phone.”
Global funding into the InsurTech sector hit new heights in 2020. A total of $6.2bn was invested across 323 deals, up from $6bn through 272 transactions in 2019.
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