Fatberry, a Malaysian B2C insurance online supermarket, has raised a RM2.5 million (approximately US$600,000) during a pre-Series A funding round.
The round was led by strategic investor Stockholm-based publicly traded venture builder Abelco Investment Group AB.
Other investors who participated include ASX-listed Fatfish Group Limited and angel investors from Malaysia and Singapore.
Fatberry said in a statement that the new funding will be used to carry out its expansion and product development plans.
In a press statement, they said that the insurtech platform commercially launched in April 2020 during the beginning of the pandemic, however the company had already previously launched their digital marketplace in 2017 under a different management team.
Fatberry’s insurtech platform includes 11 insurers, facilitating largely transactions involving car insurance.
“With the funding raised, our next step is to add more talent to our team, further develop our platform and product offering, as well as scale up our marketing and branding efforts.
We will continue in our mission to help more Malaysians purchase insurance online with ease from the reliable and trust-worthy insurtech platform of ours,”
said John Tan, CEO of Fatberry.
