Bima raises $38.4m series-C from LeapFrog et al.

Following the round, Bima's shareholders include Swedish investment company Kinnevik, telecoms and media firm Millicom, telecoms provider Digicel, and a number of private individuals.

LeapFrog's investment follows the VC's strategy of backing companies that provide insurance, savings and pensions products to emerging markets audiences.

The funding will be used to expand the company's offerings into new markets across Africa, Asia and Latin America, as well as scale Bima's distribution model of selling its insurance products directly to the consumer. The capital will also support continued product development, and the company's goal of reaching 750,000 new consumers every month.

Company
Bima is a provider of life, personal accident, and health insurance services to people living in emerging markets.

The company allows customers to buy and receive its services over mobile devices, through a pay-as-you-go model. Bima also works with a range of mass distribution channels, including mobile operators, major financial institutions and banks.

Since inception four years ago, the Stockholm-based company has sold insurance to 18 million consumers living in emerging markets, including nine million in the past year alone.

Bima currently has operations in 14 countries across Africa, Asia and Latin America, and employs a workforce of 3,500.

People
Lorenzo Grabau is the CEO of Kinnevik. Stephen Bowey is a partner at LeapFrog Investments.

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• Nordics
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