VinaCapital Group’s investment arm VinaCapital Ventures recently announced that it has invested in a Vietnamese InsurTech firm, Global Care that offers solutions for the administrative and sales processes of insurance agencies and business partners.
The terms of investment have not been disclosed. However, according to the Partner of VinaCapital Ventures, Hoang Duc Trung Global Care is the kind of startup that they want to invest in. According to him, Global Care has the potential to scale and has an experienced and committed founder and team. Mr. Trung added that in 2019, the non-life insurance segment in Vietnam was about $2.3 billion.
Meanwhile, the founder and chairperson of Global Care, Dinh Thi Ngoc Niem commented that Vietnam’s insurance industry is still in a nascent stage of development.
She added that as people in the country learn about the importance of having insurance to protect them, their family and business, Global Care aims to provide a platform that eliminates the inconveniences that may happen while buying insurance products.
About Global Care
Global Care was founded by Dinh Thi Ngoc and Hang Minh Loi in 2017. The innovative platform of Global Care allows insurance companies and agents to sell insurance policies through a cloud-based and on-premise app that allows end-to-end service management to track process claims and transaction history, among other functions.
The startup’s agencies and distributors include over 3000 online to offline stores that enables consumers to buy a wide range of insurance products. Besides that, Global Care also offers one of the top ride-sharing platform its insurance policies for its users and drivers.
The InsurTech firm is also making a substantial contribution to the digital transformation of the insurance industry. Global Care offers a complete technology solution to 200,000 agents and over 10 major insurance distribution channels.
About VinaCapital Ventures
Launched in 2018, VinaCapital Ventures since then has gone on to form a partnership with Mirae Asset-Naver Growth Fund and has invested in 11 companies including GoStream, Validus, AnVui, URBox, and Homebase. Besides that, VinaCapital Ventures has also invested in one of the country’s leading accelerators, Zone Startups.
According to the founding partner of VinaCapital Ventures, Don Lam, the country is witnessing major activity in the startup scene and hence they wanted to use their network, capital, and experience in helping the startups that have great potential to succeed.
VinaCapital Ventures is also one of the first investors in Vietnam’s PropTech pioneer, Rever as well as in other companies like Logivan and Wee Digital.