Eazy Digital, a Thai insurtech startup, has raised $850,000 in seed funding led by Wavemaker Partners, a Singapore- and Los Angeles-based seed investor.
The round, which was oversubscribed, additionally obtained the backing of Switzerland’s Seedstars International Ventures, Sasin Bangkok Venture Club, and Wing Vasiksiri, an angel investor, based on an organization assertion on Monday.
Eazy Digital helps insurance coverage corporations handle their brokers, operations, consumer referrals, and engagement.
It plans to spend the recent capital on product growth to widen its shopper base and broaden its group with the objective to grow to be a go-to platform for insurance coverage corporations that search digital transformation and automation at a low value.
Thailand’s massive insurance coverage gamers are reaping the benefits of digitization initiatives from their funding sources and assist from guardian corporations whereas smaller-to-medium insurers with extra restricted sources are at a threat of being left behind, the assertion stated.
“The insurance coverage business remains to be in its infancy within the journey of digitization. Current startups are targeted on the digital distribution of merchandise through partnerships (embedded insurance coverage), direct-to-consumers, and company platforms. However, insurance coverage corporations themselves have been left unattended and should typically discover their very own options to the digitization of processes and distribution,” stated Harprem Doowa, co-founder of Eazy Digital.
Founded in 2022, Eazy Digital provides a SaaS answer to small- and medium-sized insurance coverage corporations to digitize their processes and gross sales. The agency just lately closed a cope with a few insurance coverage corporations with incoming shoppers within the dialogue, based on a public LinkedIn publish.
When requested about enterprise capital pursuits Twwo Jaruthassanakul, Investment Manager for Asia at Seedstars International Ventures advised DealStreetAsia that: “There is a rising curiosity from worldwide buyers notably for late-stage startups in Thailand, with the vast majority of this curiosity coming from Asian funds quite than the West. A variety of prime regional funds have additionally established a presence in Bangkok by constructing native groups.”
Openspace and Vertex Ventures, amongst Southeast Asia’s main enterprise capitalists, have funding professionals on the bottom in Bangkok.