ACKO has raised $60 mn funding round led by Munich Re Ventures, with participation from existing investors Amazon, RPS Ventures, and Intact Ventures Inc. ACKO said it plans to use the funds to accelerate its growth in existing lines and expansion into new product lines.
ACKO is a digital-native insurance company. By having a direct relationship with the customer, ACKO aims to fundamentally change how consumers interact with and experience insurance. It claims to provide frictionless insurance to the ‘digitally savvy’ through an intuitive purchase experience, zero-paperwork, and stress-free claims process. The firm said it has issued over 650 mn policies to over 60 mn unique customers to date.
Varun Dua, Founder and CEO, ACKO, said: “Munich Re has been a strategic partner to ACKO since inception, and we are really excited to bring them on board as our investor. As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model. This confidence is further reinforced by the continued support of our existing investors, Amazon, Intact and RPS Ventures.”