Microinsurance provider MIC Global has successfully raised $6 million in a seed funding round, with Launchpad Capital leading the investment.
The funding round also saw participation from Greenlight Re, Ironsides Partners, and existing investors, according to The Coverager.
This funding round marks a significant milestone for MIC Global, reinforcing its position as a key player in the microinsurance sector.
The strategic investment is set to empower the company to further innovate and expand its technology-enabled insurance platform, reaching a broader audience in both developed and emerging markets.
MIC Global specialises in providing embedded microinsurance products tailored for underserved and unserved individuals, as well as micro, small, and medium enterprises. Operating across approximately 17 countries, the company’s coverage offerings address concerns related to loss of income, everyday risks, and identity theft.
Jamie Crystal, co-founder and CEO of MIC Global, said “We are pleased to welcome Launchpad Capital, GreenlightRe, and Ironsides Partners as strategic investors and partners to help fuel MIC Global’s continued growth as the preeminent embedded micro insurance provider. MIC is reimagining how insurance is bought and sold, and the additional capital will support the company’s global growth strategy with a focus on expanding our technology-enabled insurance platform to provide protection to people in both developed and emerging countries through our banking, mobile phone, digital/technology, insurance, and insurtech partners.”
Ryan Gilbert, managing partner at Launchpad Capital, staed, “Jamie Crystal and Harry Croydon bring decades of global insurance and technology leadership to the embedded microinsurance opportunity. They built a team, technology infrastructure, and underwriting capacity that allows embedded distribution partners to rethink microinsurance. Innovators shouldn’t be restricted to ‘on the shelf’ products. MIC Global is the insurance sector’s equivalent to fintech’s sponsor banks. Over the past year our team and portfolio companies, Harmonic Financial Technology and Grid, have been impressed by the way the MIC team has enabled global insurance innovation with a ‘can-do’ attitude and ‘out of the box’ thinking. We all look forward to the future of this partnership.”
Andrew Drake, CEO of Harmonic Financial Technology and venture partner at Launchpad Capital, added, “We got to know MIC well by working closely with Jamie and Harry on an innovative glass insurance program, soon followed by an Income Protection program. They think differently about using technology to design and deliver high frequency, low dollar insurance programs that help customers address real-world risks.”
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