VinaCapital Ventures, the technology investment platform of VinaCapital Group, on September 13 announced that it has invested in GlobalCare, an insurtech company that provides solutions for the sales and administrative processes of insurance agencies and business partners selling non-life insurance policies.
While the terms of the investment were not disclosed, Hoang Duc Trung, Partner of VinaCapital Ventures, stated that GlobalCare is exactly the kind of startup that VinaCapital wants to invest in.
“It offers a product that solves a pain point, a very clear and realistic business plan that has the potential to scale, and a committed and experienced founder and team. The non-life insurance segment in Vietnam was about $2.3 billion in 2019,” Trung said.
|VinaCapital ventures takes stake in insurtech startup GlobalCare. |
Meanwhile, Dinh Thi Ngoc Niem, founder and chairwoman of GlobalCare, commented that the insurance industry in Vietnam is still in an early stage of development.
“As Vietnamese learn more about the importance of having insurance to protect them, their families and their businesses, we aim to provide a platform that removes the inconveniences that can occur when buying insurance products,” Niem said.
Founded in 2017 by Dinh Thi Ngoc Niem and her co-founder, Hang Minh Loi, GlobalCare’s innovative platform allows insurance companies and agents to sell policies via a cloud-based and on-premises app that enables end-to-end service management to monitor transaction history and process claims, among other functions.
GlobalCare’s distributors and agencies include more than 3,000 offline to online stores, where consumers can purchase a wide range of insurance products, and one of the top ride-sharing platforms, which provides insurance policies for its drivers and users.
GlobalCare is also making a significant contribution to the digital transformation of the insurance industry. It provides a complete technology solution for more than 10 major insurance distribution channels and 200,000 agents.
VinaCapital Ventures marks third anniversary
VinaCapital Ventures (V2) was launched in August 2018 and since then has gone on to form a partnership with Mirae Asset - Naver Growth Fund and invest in 11 companies including AnVui, GoStream, Homebase, URBox, and Validus. Additionally, V2 has invested in Zone Startups, one of the country’s leading accelerators.
Don Lam, founding partner of V2, stated that he saw enormous activity in Vietnam’s startup scene wishing to use its experience, capital, and networks to help those startups with the greatest promise succeed.
“V2 was one of the first investors in Rever, a proptech pioneer in Vietnam that recently concluded another round of fundraising, as well as in companies like Wee Digital and Logivan. We are delighted to see other investors eventually realise the potential we saw early on in these and other companies,” Lam said at the company’s statement.