Hong Kong insurtech start-up Coherent raises $14m

The proceeds will go towards expanding the start-ups Asia presence, increasing its customer reach, and scaling operations. Coherent claims it is already profitable and on track for a fourfold increase in revenue in the current financial year.

Founded in 2018, the company provides digital platforms and data intelligence engines for large insurers across the region and also in Brazil. It helps clients handle product development, sales, and customer engagement. Coherent employs more than 120 staff across Hong Kong, Shanghai, the Philippines, and Singapore. Of these, 100 engineers and actuaries.

Swiss Re predicts that there will be a strong V-shaped recovery in the global insurance market in 2021. In emerging Asia, insurance premiums are forecast to grow by 7%.

Insurtech has emerged as a popular investment area in Asia this year. In March, SIG and China Renaissance led a $25 million Series C for Insgeek, a Chinese insurance technology specialist. Meanwhile, Singapore-based Igloo - formerly known as Axinan - raised $16 million in April and Indonesia's Qoala closed a $13.5 million in a Series A round the same month.

More recently, China smart phone brand Xiaomi participated in a $54 million Series B for Indonesian digital insurance provider PasarPolis, and China-based insurance platform Nanyan Insurtech got a RMB250 million ($37 million) Series C led by Cenova Ventures.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Technology
• Financials
• Early-stage
• Hong Kong (China)
• insurance
• Franklin Templeton
• Cathay Capital Private Equity