Another month with more record-breaking investments in InsurTech. While most economies in Asia are still suffering from the COVID pandemic, investment in InsurTechs is not slowing down. A category that is attracting the most investment is health care. Singaporean Digital health platform Doctor Anywhere raised S$88 million in series C. The startup has a presence in Singapore, Malaysia, Thailand, Vietnam, and the Philippines and is looking to expand even further with the latest funding round.
In Indonesia, our friend Evan Tanotogono together with his co-founder Bobby Siagian raised $1 million in pre-seed funding to build Rey Assurance, a health service platform including AI-based self-assessment tools, 24/7 telemedicine consultations, and pharmacy deliveries. And in China, The CareVoice launches the next generation of its CareVoice OS, an API-based infrastructure and health ecosystem. Listen to our latest episode with CEO and co-founder Sebastien Gaudin.
Another major investment round was announced by Bangkok-based insurtech Sunday. The full-stack InsurTech startup raised $45M Series B from investors including Tencent and SCB 10X. Capital raised will be used to expand its retail product suite comprising health insurance, protection for electronics, and motor insurance through its online platform to its existing health members, corporate and SME clients, and partners. We spoke to Cindy a year ago. Find the episode here.
The other major trend we are seeing this year is embedded insurance. A globally well-known player in this field is Australian Cover Genius. The company just announced a Series C Funding of AUD$100M. Other players moving into the field of embedded insurance are e-wallet providers. In India, PhonePe just received an insurance broking licence and can now offer products from all insurance companies. In the Philippines, Igloo has partnered with GCash to offer online shopping insurance protection.