BIMA, a Stockholm, Sweden-based provider of mobile-delivered insurance in emerging markets, secured $38.4m in Series C funding.
Backers included Investment AB Kinnevik, LeapFrog Investments and Millicom.
The company intends to use the capital to accelerate new market entry across the regions, scale its “Pay-As-You-Go” distribution model, innovation and product development.
Led by CEO Gustaf Agartson, BIMA offers life, personal accident and health insurance services to people living in emerging markets. The company currently has operations in Ghana, Tanzania, Senegal, Uganda, Cambodia, Bangladesh, Pakistan, Indonesia, Sri Lanka, the Philippines, Haiti, Papua New Guinea, Honduras and Paraguay and employs a workforce of 3,500 people.
It has over 18 million registered customers.