Insurtech firm RenewBuy has scooped up $40 million in its ongoing Series D funding round from Japanese insurance major, Dai-ichi Life Holdings Inc. This marks the company’s first fundraise in 2023.
This investment, according to the company, is part of its ongoing Series D round, which is scheduled to close soon.
According to Co-founder and CEO Balachander Sekhar, the cooperation with Dai-ichi will allow RenewBuy to tap growth potential in the Asian market.
Dai-ichi Life Holdings Inc is said to have invested the money in exchange for an 11% stake in RenewBuy, which is now worth $364 million.
RenewBuy has raised around $133 million to date, including a $8.5 million debt from Stride Ventures and InnoVen Capital in November 2022. Apis Partners led a $55 million Series C financing for the firm in August 2021.
RenewBuy, which was founded in 2015, offers users a variety of options for purchasing health, life, and auto insurance. It claims to have over one lakh insurance consultants and to have insured over five million customers in 800 cities. According to the company, tier 3 and smaller towns account for almost 70% of its total revenue.