Tue. Oct 15th, 2019

Insurtech startup Axinan in Series A+ round talks; expanding to Vietnam, Thailand

Insurtech startup Axinan

In the midst of raising Series A-plus capital, Singapore-based insurtech startup Axinan told e27 its founder and CEO Wei Zhu.

Axinan, who raised an undisclosed sum from Openspace Ventures and Linear Venture in Series A round in February last year, is also planning to expand into Thailand and Vietnam.

Incorporated in 2016 by Zhu (formerly Grab’s CTO), Axinan focuses on creating “innovative Internet economy cyber insurance.” In order to create B2B2C insurance services for online companies and insurance companies, it leverages big data, real-time risk assessment, and digitized claims processing.

Axeman mainly provides two B2B2C products — e-commerce logistics (protection of items against the threat of complete loss or damage during transit, missed shipment and return) and electronic gadget (protection of electronic gadgets against accidental damage).

The B2B clientele of Axinan currently consists of six business partners who have inked seven deals with the Southeast Asian and Australian catering company. The names include Lazada, Shopee and Bukalapak national powerhouses. “We are also currently in talks with additional commercial partners in both the e-commerce and telco space,” Zhu said.

igloo, the first B2C product

Iglu is the first user-facing brand from Axinan. An igloo mobile app offers consumer options for anyone with a cell phone and internet access.

Axinan Founder and CEO Wei Zhu

“We aim to expand our scope of coverage options so that everyone can protect the things they care about, regardless of what they are.

To date, Zhu reports that more than 90,000 users across Singapore, Indonesia, and the Philippines have downloaded the igloo app.

We provide comprehensive coverage for the e-commerce platform, its merchants and customers to insulate themselves from the costly expense of unfavorable events,” he said.