RuralNet, an insurance technology (insurtech) startup founded by former BCG senior associate and ex-Shopee executive Justin Arcenas, has reportedly raised $2.15 million (about P122 million) in its seed funding round.
According to a DealStreetAsia report, Cebu-based RuralNet secured the funding from Philippine-focused venture capital firms Kickstart Ventures, Gentree Fund, Foxmont, and Kaya Founders. The startup has not issued an official announcement on the funding round.
Founded in 2019, RuralNet is one of the very few funded Filipino startups based outside of the capital and claims to be the country’s first fully digital and API-driven insurance distribution platform.
Its services are focused on insurers, brokers, agencies, digital financial service providers; and microfinance institutions, banks, and cooperatives.
For insurance brokers and agents, the platform offers customer enrollment, online policy management, reporting and administration, online claims handling, and automatic notifications.
It also allows digital financial services firms to easily cross-sell insurance on their existing mobile or web apps, among others. The insurtech startup claims to have more than 1 million Filipinos insured through its platform.
The lead investor, Kickstart Ventures, manages the Philippines’ largest technology venture capital funds, investing globally in early to growth-stage tech startups via three funds, including the Ayala Corporation Technology Innovation Venture Fund.
Kickstart, a wholly-owned corporate venture capital firm of Globe Telecom, was founded in 2012 as a corporate incubator of Globe Telecom with a starting fund of $2.5 million.
Gentree Fund, on the other hand, is the investment vehicle of the Sy Family Office. It was reported to be raising up to $150 million in what could be the largest venture fund in the Philippines.
Foxmont raised $21.3 million for its second investment vehicle early this year while Kaya backs industry-shaping digital companies with the potential to improve the lives of millions across the Philippines and Southeast Asia.
According to DealStreetAsia, Kickstart Ventures invested $1 million in RuralNet’s Seed round while Gentree committed $750,000. Foxmont and Kaya invested $300,000 and $100,000 respectively.