Insurtech startup Toffee Insurance has raised $5.5 million in a Series A round led by South African investor IVM Intersure along with particpation of existing investors Omidyar Network, Accion Venture Lab and Kalaari Capital. VC firm Flourish Ventures also participated in the round. This is the startup’s second institutional fundraise after a seed funding round of $1.5 million raised in 2018. Taking a tech products approach to grow the reach of insurance, Toffee Insurance creates single-event insurance products in new categories using AI to secure “the next half-billion first-time internet users.”
Read more at The Times of India.