Singapore-based insurtech startup Gigacover raises seed funding to drive growth

Singapore-based insurtech startup Gigacover has secured an undisclosed amount of funding from Hong Kong’s Vectr Fintech Partners as well as Singapore’s Quest Venture Partners and Alto Partners.

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Gigacover operates a digital insurance stack that leverages machine learning and analytics, catering to the flexible insurance needs of rapidly changing workforces.

It also co-created new insurance solutions, such as the region’s first prolonged medical leave income protection product and a suite of general insurance products backed by Etiqa and AXA. The company recently announced an exclusive partnership with Indonesian unicorn Gojek to offer extensive earnings protection to its driver-partners.

Gigacover plans to use the investment to strengthen its position in Singapore and to expand into other Southeast Asian markets, according to a statement.

The company was founded in 2017 by Amerson Lim and Chua Cheng Xun after it was backed by FarSight Capital, an early-stage fund formed by internet entrepreneur Wong Toon King.