Toffee Insurance raises $5.5 million in Series A

Chennai: Insurtech startup Toffee Insurance has raised $5.5 million in a Series A round led by South African investor IVM Intersurer along with participation of existing investors Omidyar Network, Accion Venture Lab and Kalaari Capital. VC firm Flourish Ventures also participated in the round. This is the startup’s second institutional fundraise after a seed funding round of $1.5 million raised in 2018. Taking a tech products approach to grow the reach of insurance, Toffee Insurance creates single-event insurance products in new categories using AI to secure “the next half-billion first-time internet users.” The startup uses behavioural and consumption data to co-create such bite-sized products using AI and machine learning, in a bid to make insurance more appealing to the new generation. Cycle insurance, backpack insurance, dengue insurance, mosquito insurance, and spectacle insurance are a few products part of its current offerings.

“With this round of funding, we plan to expand our product categories, invest in making our technology more robust, and develop customer experience and lateral distribution,” Rohan Kumar, co-founder and CEO, Toffee Insurance said. We want to be the first insurance-buying experience for today’s consumer, he adds.

Source: The Times of India