Bima raises $22m from LeapFrog et al.

Private equity house LeapFrog Investments, investment firm Kinnevik and international telecommunications company Millicom all subscribed to the round.

The company will use the funding to support its expansion into new markets, specifically Paraguay, Cambodia and the Philippines.

LeapFrog is a $400m fund focused on Asian markets such as India, Indonesia and Sri Lanka and parts of sub-Saharan Africa, namely Ghana, Nigeria and Kenya.

Company
Founded in 2010 and based in Stockholm, Bima provides insurance products including life, accident and health cover.

Bima has seven million customers in eight markets, including Ghana, Senegal, Tanzania, Mauritius, Bangladesh, Sri Lanka and Indonesia. The firm launched in Honduras recently, marking its first foray into Latin American markets. The company says its customer base is growing at a rate of 500,000 new policyholders per month.

People
Andrew Kuper is president and founder of LeapFrog.

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