Gigacover, a Singapore-based insurtech start-up, has raised a seed funding from Hong Kong-based Vectr Fintech Partners along with local firms Quest Venture Partners and Alto Partners.
Gigacover offers a digital insurance stack which uses machine learning and analytics to meet the insurance needs of rapidly changing workforce, including the booming gig economy.
The insurtech firm plans to invest the funds to strengthen its position in Singapore and expand into other markets in Southeast Asia.
The company has developed new insurance solutions, including a prolonged medical leave income protection coverage and an assortment suite of general insurance products supported by Etiqa and AXA.
Additionally, the company forged an exclusive partnership with Indonesian firm Gojek to provide extensive earnings protection to its driver-partners.
Mark Munoz of Vectr Fintech Partners said: “In Southeast Asia, 60% of employment is in informal employment and growing. The gig economy has governments and companies rethinking pay structures, health insurance and other incentives for their people.
“Given the trend we believe Gigacover bridges the gaps that currently exist in freelance worker protection.”
Gigacover was established in 2017 by Amerson Lim and Chua Cheng Xun after it was backed by FarSight Capital, an early-stage fund.