More money has been raised for Fatberry, a website in Malaysia where you can compare insurance policies. It was set up in April 2020, and this year, its turnover is estimated to reach 2 million euros. Motorcycle insurance comparison has now also been added to the site, which is the most common mode of transport in Malaysia.
https://blog.fatberry.com/2021/03/19/fatberry-raises-rm2-5-million-in-pre-series-a-funding/
March 23, 2021 at 9:40 AM · Cision
Abelco Investment Group increases its investment in portfolio company Fatberry Sdn Bhd, which was oversubscribed by 25%
As previously communicated, Abelco Investment Group AB (“Abelco”) has made a direct additional investment in Fatberry Sdn Bhd (“Fatberry” or “the Company”). The issue has now closed and was oversubscribed by approximately 25%.
Abelco is investing 2.1 MSEK in the new issue and, after the new issue, has increased its effective ownership to 30.22%. (Abelco directly owns approximately 12%, and has a majority ownership in Fintech Asia which, after the issue, owns approximately 34% of the Company).
Fatberry, which launched in April 2020 during the pandemic, has seen consumers increase their purchases of insurance products digitally, which is what Fatberry competes in and focuses on. Fatberry is a leading B2C insurance platform that enables consumers to compare, customize, and purchase insurance products online and instantly.
Fatberry has experienced very positive growth during its first year of launch and foresees a further increased demand. With this issue completed, Fatberry is now also launching motorcycle insurance to drive further growth and meet consumer demand.
“Motorcycles are the most popular vehicle in Malaysia, accounting for almost half of the total number of vehicles on the roads. Therefore, this is a key market for Fatberry,” says Fatberry’s Marketing Manager Debbie Ang.
“With the funding raised, the next phase is to bring high-quality talent to Fatberry, further develop the platform and product offerings, and increase marketing and branding efforts. We will continue our mission to help more Malaysians buy the right insurance at the right price,” says Fatberry’s CEO John Tan.
For more information from Fatberry, click HERE (https://blog.fatberry.com/2021/03/19/fatberry-raises-rm2-5-million-in-pre-series-a-funding/)