Hong Kong-based insurtech startup Coherent has raised US$14 million in a series A round led by global VC fund Cathay Innovation.
Franklin Templeton, an investment firm based in the US, also participated in the round, according to a statement. In addition to the investment, Franklin Templeton will also be Coherent’s exclusive asset management partner as the insurtech startup expands its operations in Asia.
Coherent provides global insurers with digital platforms aimed at helping them develop products faster, drive sales, and engage more with their clients. It currently employs more than 120 people across its offices in Hong Kong, China, the Philippines, and Singapore.
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The company said it plans to use the new funds to expand its presence in Asia, increase its customer reach, and scale its business. Coherent claims that it’s already profitable and is on track to grow 4x in revenue by the end of the year.AD. Remove this ad space by subscribing.
The startup also aims to grow its workforce in its current offices and set up new ones in Japan, the US, and Thailand. It said the expansion would help it extend its customer portfolio, which currently covers insurers in Hong Kong, Singapore, Indonesia, China, Japan, the Philippines, Thailand, Brazil, and Myanmar.
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Coherent said that its expansion plans coincide with the global insurance industry’s recovery from the Covid-19 pandemic. A report from insurance firm Swiss Re predicts that the global insurance industry will go back to its pre-pandemic state by next year, with Asia leading the charge.
