Kickstart Ventures led a seed fundraising round that brought in $2.2 million for the Philippines’ RuralNet, an insurtech business. Foxmont Capital and Kaya Founders also made contributions to the financing round.
With this investment, RuralNet’s brokerage, CashKo, which provides microinsurance solutions to small and medium-sized businesses (SMEs), will grow.
SMEs in the Philippines can obtain microinsurance solutions through RuralNet, a digital insurance platform.
About their product
CashKo, the company’s brokerage, provides a variety of insurance products, including life, hospitalization, and accident insurance.
The platform’s goal is to give SMEs who are frequently ignored by traditional insurance providers accessible, reasonably priced insurance coverage.
Who’s behind the funding?
In the Philippines, Kickstart Ventures is a venture capital business that makes investments in Southeast Asian entrepreneurs in their early stages.
ingapore-based venture capital company called Kaya Founders makes investments in early-stage Asian entrepreneurs. American venture capital firm Foxmont Capital makes investments in early-stage companies all across the world.
Onober 17, 2023, the seed investment round was revealed, with Kickstart Ventures leading the charge. With the help of investors including Gentree, Foxmont, and Kaya Founders, RuralNet was able to raise a total of $2.15 million from the initial capital draw.
The money will be utilized to create new products for RuralNet’s clientele and to broaden the brokerage services it offers.
About RuralNet
The microinsurance options offered by RuralNet are made to specifically address the requirements of SMEs in the Philippines. Because of the company’s accessible and reasonably priced products, SMEs may more easily safeguard their operations and workforce against unanticipated circumstances.
Customers can buy insurance products online fast and conveniently thanks to RuralNet’s user-friendly and intuitive platform. RuralNet provides a number of other services to its clients in addition to brokerage services.
These consist of customer service, claims management services, and risk management consulting. The business is dedicated to giving its clients the greatest assistance and service available.
All things considered, RuralNet’s seed fundraising round will assist the business in growing and reaching more SMEs in the Philippines. With its cutting-edge microinsurance solutions and dedication to client care, RuralNet is positioned to take the lead in Southeast Asia’s insurance market.
