BIMA secures $30m to drive emerging market HealthTech adoption

BIMA has secured a $30 million investment to provide digital health and InsurTech services in emerging markets.

The money comes from new investor Chinese FinTech investor CreditEase Fintech Investment Fund (CEFIF), along with existing shareholders LeapFrog Investments and Allianz.

The new capital will allow the company to expand its product offering, scale its capabilities as demand continues to increase and deepen its footprint in Asia and Africa.

A statement explained that COVID-19 is the catalyst behind the surge in demand, with consumers seeking increased access to telemedicine and insurance cover against life and health risks.

Delivering two million tele-doctor consultations to date, BIMA's health hub approach gives access to integrated health services, including health programmes for managing chronic illnesses, discounts at pharmacies and drug delivery. Its health wallet for funding medication-based expenses has also been extended to masks and hand sanitisers during the pandemic.

Gustaf Agartson, founder and chief executive at BIMA, said: “The onset of COVID-19 has brought home the value of telemedicine, to help prevent the spread of disease, and the importance of insurance, for peace of mind.

"Through digital solutions, and a human touch, we’ve been able to serve hard to reach communities with tools and services that bring them a sense of security at such a challenging time," he continued, adding: “The funds we have raised will allow us to expand our operations and further invest in our product offering that will help us scale quickly to meet the unprecedented demand for our services.”

Nazim Cetin, chief executive at Allianz X, added: “We are happy to continue our partnership with BIMA and jointly deliver telemedicine and remote healthcare services in developing markets - we believe the demand for these services will continue to increase and want to manifest BIMA’s leading position in the market by providing support with our experience and network.”

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