South African investor Yellowwoods leads Series A funding in Toffee Insurance

VCCircle

Digital platform Toffee Insurance on Wednesday said it has raised $5.5 million (Rs 39 crore) in its Series A round of funding led by IVM Intersurer, a vehicle of South African investment firm Yellowwoods.

Existing investors Omidyar Network, Accion Venture Lab and Kalaari Capital also participated in the funding round, said Toffee Insurance in a statement.

Venture capital firm Flourish Ventures, which was established this year and is funded by Omidyar Network founder Pierre Omidyar, also pooled in capital, it added.

Toffee Insurance, which is operated by Gurugram-based Toffcover Insurance Marketing Pvt. Ltd, aims to use the funds to make insurance more accessible and strengthen its product technology, customer experience and lateral distribution.

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