Digital Pet Health Insuretech Oyen Nets Over RM 1.7 Million in Seed Fundingby Fintech News Malaysia June 16, 2021 0 comments
Oyen, a digital-first pet healthcare insurance provider based in Malaysia, has raised US$420,000 in a seed funding round.
The fundraise saw participation by notable backers such as Hustle Fund, alongside angel investors who are former and current executives from Airbnb, Facebook, and Rocket Internet.
The company said will use the funds to enhance its proprietary digital insurance platform and reinforce its market position within Malaysia’s pet healthcare insurance ecosystem.
Oyen said in a statement that it is aggressively expanding its recruitment in various roles.
Additionally, the firm will also move towards offering more holistic pet healthcare services to pet owners such as vet medical protection, preventative care, and wellness, among other benefits.
The company is driving towards having 100,000 pets insured in Southeast Asia within the next three years, half of which is expected to come from the company’s first market which is Malaysia.
In Malaysia, Oyen is able to provide up to RM 8, 000 (US$1,941) of the amount claimable in vet medical fees, up to RM1,000 in pet burial cost, and up to RM 50, 000 (US$12,132) in third party liability claims.
Oyen’s pet insurance platform is aimed at giving pet owners greater peace of mind in managing their pets’ medical needs via seamless insurance purchase and claims experience.
The company’s services are integrated with a panel of veterinary clinic partners in Malaysia, making it easier for owners to access Oyen’s growing network of vets for quality vet services and quickly seeking medical attention for their pets, especially in case of emergencies.
“The number of people who have pets for companionship have increased during one of the world’s biggest recent crises, and our platform was specifically designed to alleviate concerns by pet owners – especially new ones – when managing their pets’ medical needs.
With the support from our investors, Oyen is now better positioned to expand and enhance its services across Malaysia, while also exploring how we can extend the benefits of our platform to pet owners at the regional level,”
said Kevin Hoong, Founder and CEO of Oyen.
Featured image: (left) Kevin Hoong, Founder and CEO of Oyen and (right) Michelle Chin, Co-Founder of Oyen.