Indian-based insurtech startup Acko General Insurance, announced it has successfully raised US$60 million in its Series D round of funding. The round of financing was led by Munich Re Ventures, who has been an integral partner of Acko since inception.
Other Investors who participated in the round include existing backers Amazon, RPS Ventures, and Intact Ventures Inc.
Acko plans to invest the fresh funds in accelerating its growth in existing lines and expansion into new product lines the statement noted.
Acko had previously secured $65 million in its Series C financing round at a valuation of $300 million in March 2019, followed by $36 million in a venture round in November.
“Munich Re has been a strategic partner to Acko since inception and we are really excited to bring them on board as our investor. As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model,” said Varun Dua, CEO of Acko in a statement.
Director at Munich Re Ventures Oshri Kaplan said, “We’re excited to join forces with one of the leading digital insurers in India, as well as other investment partners, to help support Varun and his impressive team as they continue their journey.
“We look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way,” he added.