Amritsar, NFAPost: Amazon-backed general insurance startup Acko has bagged $60 million from German reinsurer Munich Re Ventures in its Series D round of funding.
The investment round also saw participation from existing backers including Amazon, Intact Ventures Inc, and RPS Ventures.
The Bengaluru-based startup in its announcement, however, did not specify the valuation or other terms of the deal.
“Munich Re has been a strategic partner to Acko since inception and we are really excited to bring them on board as our investor,” Acko Founder and Chief Executive Officer Varun Dua said.
“As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model,” Dua added.
Munich Re specialises in investing in insurtech and in new tech companies around the globe. This investment round marks the San Francisco-headquartered reinsurance giant’s foray into India’s insurance market.
“As Munich Re Ventures’ first investment in India, we look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way,” Munich Re Ventures Director Oshri Kaplan said.
Founded in 2019, Acko operates primarily in three key segments — health insurance, motor insurance, and customised micro-insurance — selling policies directly to customers through its own digital platform, and in partnerships.
The startup had recently partnered with Amazon Pay for distributing two- and four-wheeler insurance. It had also recently invested in car service and repair platform Pitstop to enhance its claim settlement process.
