Singapore-based InsurTech Gigacover closes seed funding round

Gigacover, a Singaporean digital insurance platform for freelancers, has reportedly closed a seed funding round.

The value of the transaction was not disclosed. Investors taking part in the round include Vectr Fintech Partners, Quest Ventures and Alto Partners, a number of articles in the media state.

Proceeds from the round will be used to bolster the InsurTech’s position in the Singapore market, as well as expand into other countries in the Southeast Asia region, it is reported.

The company offers flexible freelancer income protection (FLIP) insurance, ensuring workers can still get paid when they are unable to work due to illness or injury. Through the policy, a consumer can receive up to $200 for 12 weeks if they are unable to work. Premiums begin at $2.26 a week and policies are underwritten by Etiqa Insurance.

Atlo Ventures recently contributed to the $21m Series B round of SpyCloud, which specialises in takeover prevention services. The company helps prevent account takeovers by identifying exposed employee and customer accounts or passwords as early as possible.

Last year, FinTech companies in Singapore raised a combined total of $1.4bn, making it the largest annual funding volume for the country. The level of funding was four-times more than that raised in Hong Kong of the same year; however, Hong Kong is leading the way for 2019.

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