LeapFrog increases investment in digital health company
BIMA, a provider of digital health and insurtech services in emerging markets, has secured $30 million in further investment as demand for digital health services increased. Covid-19 is the catalyst behind the surge, with consumers seeking increased access to telemedicine and insurance cover against life and health risks.
Chinese fintech investor CreditEase Fintech Investment Fund (CEFIF) has invested in BIMA for the first time, while existing shareholders LeapFrog and Allianz X have both increased their investment. The new capital will allow the company to expand its product offering, scale its capabilities and deepen its footprint in Asia and Africa.
Delivering two million tele-doctor consultations to date, BIMA rivals some of the largest digital health providers in the world. Through its health hub approach, customers have access to a unique set of integrated health services, including health programmes for managing chronic illnesses, discounts at pharmacies and drug delivery. Its innovative health wallet for funding medication-based expenses has also been extended to masks and hand sanitisers during the pandemic.
Gustaf Agartson, founder and CEO at BIMA said, “The onset of Covid-19 has brought home the value of telemedicine, to help prevent the spread of disease, and the importance of insurance, for peace of mind. Through digital solutions, and a human touch, we’ve been able to serve hard to reach communities with tools and services that bring them a sense of security at such a challenging time. The funds we have raised will allow us to expand our operations and further invest in our product offering that will help us scale quickly to meet the unprecedented demand for our services.”
Dennis Cong, managing partner at CEFIF commented, “We are very impressed by BIMA’s innovative integration of micro insurance and tele-doctor services, which provide critical coverage to meet large unmet demand in emerging markets, and whose value is accentuated further by the current pandemic. We are very happy to have the opportunity to join this meaningful journey, along with the established leading shareholders, and support the company to grow its business and expand its leadership position in its served markets.”
Stewart Langdon, partner at LeapFrog Investments said, “The market that BIMA is serving is vast and demand for health services is tremendous. BIMA’s unique digital capabilities empower emerging market consumers to access many health and insurance services on a single, easy to use platform. That includes protection for millions of first-time buyers of insurance who would otherwise remain unprotected and at risk. Delivering these services to 35 million consumers is an outstanding achievement by Gustaf and his team, but it’s just the beginning of the journey. We’re excited to increase our investment in BIMA as it continues to democratise access to digital health services.”
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