CEFIF, Leapfrog et al. in $30m round for BIMA

Eliza Punshi
08 September 2020

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BIMA, a Stockholm-based provider of digital health and insurance technology services in emerging markets, has raised $30mТ fromТ Chinese fintech investor CreditEase Fintech Investment Fund (CEFIF) andТ existing backers Leapfrog Investments and Allianz.Т

BIMA will use the proceeds to expand its product offering, scale its capabilities and deepen its footprint in Asia and Africa.

The company has raised more than $200m in funding since being founded 10 years ago, according to Crunchbase. A spokesperson for the company said it has experienced a 30% year-on-year growth in revenues over the past five years. According to TechCrunch, the company was valued at $300m during its previous fundraising in 2017.

Previous funding
In 2012, BIMA raised $2.5m in seed funding from Kinnevik and Millicom Systems. A year later, Kinnevik and Millicom returned for the $7.2m series-A funding alongside Leapfrog.

In 2014, the company raised $28m in series-B funding from Digicel and existing investors Kinnevik, Leapfrog and Millicom. This was followed by a series-C round in July 2015 where it raised $39m from the existing investors.

In March 2017, it raised $17m from Axiata Digital Innovation Fund, followed by a $97m fundraise from Allianz X, the digital investment arm of Allianz.

Company
Founded in 2010 and headquartered in Stockholm, BIMA is a provider of tele-health and mobile-delivered insurance to customers in Asia, Africa and Latin America. It has delivered 2 million digital consultations and 35 million insurance and health policies to date.

People
BIMA – Gustaf Agarston (founder; CEO).
CreditEase Fintech Investment Fund – Dennis Cong (managing partner).
Leapfrog Investments – Stewart Langdon (partner).