How Much Did Riskcovry Raise? Funding & Key Investors

Riskcovry has successfully raised funding over four rounds, with notable investors including IIFL Finance and Morphosis Venture Capital. The platform specializes in digital insurance distribution, offering products like LendPro, EmbedPro, RetailPro, and Console.

Keep reading to explore the intricacies of Riskcovry's fundraising journey and the investors backing this innovative platform.

What Is Riskcovry?

Riskcovry, an insurtech company, specializes in providing a digital platform for insurance distribution. Founded in Juhu, Maharashtra, India, the company operates with an employee count of 101-250. It serves various industries, including banks, NBFCs & HFCs, insurance brokers, insurance companies, and fintechs.

Riskcovry offers products like LendPro, EmbedPro, RetailPro, and Console to digitize and streamline insurance operations. The company aims to enhance sales productivity, improve customer experience, and provide seamless end-to-end digital distribution of insurance products.

How Much Funding Has Riskcovry Raised?

1. Convertible Note
   • Amount Raised: $4.5 million
   • Date: January 2024
   • Lead Investors: Morphosis Venture Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To advance towards profitability and prepare for a Series B fundraising round.
2. Series A
   • Amount Raised: $5 million
   • Date: March 2021
   • Lead Investors: Omidyar Network India
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support the company's growth and expansion.
3. Seed
   • Date: May 2020
   • Lead Investors: Bharat Inclusion Seed Fund
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support the initial growth and development of the company's tech platform.
4. Seed
   • Date: March 2019
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish the company's foundational operations.

Total Amount Raised: $16.3 million

Current Valuation: Not publicly disclosed

Key Investors

• Morphosis Venture Capital
  • Details: Morphosis Venture Capital is a Dubai-based B2B fund. They led the recent $4.5 million bridge funding round for Riskcovry.
  • Investment Focus Areas: B2B investments, early-stage technology startups.
  • Notable Investments: Specific notable investments are not mentioned in the sources.
• Omidyar Network India
  • Details: Omidyar Network India is a social impact investment firm. They led the $5 million Series A funding round for Riskcovry in 2021.
  • Investment Focus Areas: Social impact investments, financial inclusion, education, governance.
  • Notable Investments: Specific notable investments are not mentioned in the sources.
• Bharat Inclusion Seed Fund
  • Details: Bharat Inclusion Seed Fund is a venture capital fund focused on early-stage investments. They are a previous investor in Riskcovry.
  • Investment Focus Areas: Early-stage technology-driven startups, deep-tech, IP-driven startups.
  • Notable Investments: Specific notable investments are not mentioned in the sources.
• IIFL
  • Details: IIFL is an Indian financial services entity. They participated in the recent $4.5 million bridge funding round for Riskcovry.
  • Investment Focus Areas: Financial services, technology, consumer businesses.
  • Notable Investments: Specific notable investments are not mentioned in the sources.
• Pentathlon Ventures
  • Details: Pentathlon Ventures is a venture capital firm. They are a previous investor in Riskcovry.
  • Investment Focus Areas: Early-stage technology startups.
  • Notable Investments: Specific notable investments are not mentioned in the sources.

What's Next for Riskcovry?

Riskcovry stands on the brink of significant growth, with opportunities to expand its embedded insurance products and API-based payment models. The company aims to process $25 million in gross written premiums per month, leveraging the growing Indian insurance market projected to reach $200 billion by 2027. This expansion could lead to a robust Series B funding round, further fueling their growth.

However, challenges lie ahead. Achieving cash profitability and transitioning customers to new payment models will be critical. Additionally, maintaining growth momentum while ensuring quality and customer satisfaction will test the company's resilience. Yet, with a clear vision and strategic planning, Riskcovry is well-positioned to navigate these hurdles and capitalize on the burgeoning insurtech landscape.

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