MicroEnsure Holdings Limited, a Cheltenham, United Kingdom-based provider of insurance to the low and middle-income market, raised $10.4m in equity funding.
Backers included existing investors Telenor Group, Omidyar Network, IFC and Opportunity International, as well as new investors Sanlam Emerging Markets and AXA Group. In conjunction with the round, the Telenor Group has taken additional equity in MicroEnsure through the conversion of debt and by rolling up its 51% holding in the MicroEnsure Asia joint venture into MicroEnsure.
The company intends to use the funds for the continued expansion into new markets.
MicroEnsure provides insurance for the mass market in Africa and Asia (operating in Bangladesh, Ghana, Grenada, India, Jamaica, Kenya, St Lucia, Malawi, Malaysia, Mozambique, Pakistan, Philippines, Rwanda, Tanzania and Zambia). It designs, implements and manages products that address a range of risks faced by low- and middle-income consumers, including risks related to life, health, agriculture, assets, accidents and political violence.
The company works with mobile network operators, banks, microfinance institutions and other aggregators to serve its mass-market clients.