Thai auto insurance startup Claim Di pulls in US$2M Series A funding
Malaysia, South Korea and Japan among its primary expansion targets; aims tenfold revenue growth to US$5.6 million in a year
Kittinan Anuphan, Co-founder and CEO of Anywhere 2 Go Co. Ltd., the developers of Claim Di. (Image credit: Anywhere 2 Go)
Claim Di, a Thai startup whose eponymous mobile app facilitates drivers’ insurance claims and communication between them and their insurance companies, has secured US$2 million in Series A funding, according to an official release today.
The dtac Accelerate 2014 winner held a press conference on Tuesday announcing the news.
The round was led by CyberAgent Ventures. Other investors included Golden Gate Ventures, 500 Startups, and dtac Accelerate. It is the largest-ever Series A funding by a Thai startup.
But with GGV’s seven-digit figure (exact amount undisclosed) Series B investment into Thailand-based online payment gateway company Omise.co last month, it might not actually be the largest funding round by a Thai startup as claimed.
Kittinan Anuphan, the CEO of Anywhere 2 Go (Claim Di’s developer), said that the funding will be used for software development, marketing, and launching new services to drive domestic and global expansion.
“Claim Di has all the qualities that investors want to see in startups: a simple but effective product, being in the right industry at the right time with a significant growth potential, and world-class innovation,” said Thanachat Tangsriwong, Thailand Investment Manager of CyberAgent Ventures.
Also Read: How to thrive in Vietnam and Thailand’s emerging startup world
The three new services that Claim Di will be launching are Claim Di Assist (a roadside assistance service for drivers), Claim Di Call (an outsourced call service for insurance companies), and Claim Di Bike (a car-accident survey service under and individual-model basis, to facilitate accident surveyors in terms of payment and benefits for policy-holder claimants).
Claim Di is eyeing to penetrate the markets of Malaysia, Laos, Sri Lanka, South Korea, and Japan. Malaysia and South Korea or Japan are “primary foreign targets” because of the similarity of the size of their auto insurance markets to Thailand while being “among the largest in Asia”.
If Claim Di’s expansion takes after the quick and easy nature of the “Shake and Go” feature on their app — allowing two parties in an auto accident to make an insurance claim without waiting for a surveyor from their respective insurance companies to arrive at the scene — then it might not be too long before unfortunate drivers in the region who meet with accidents can save themselves some inconvenience with Claim Di’s services.
Anywhere 2 Go reportedly expects the funding to help Claim Di achieve ten-fold revenue growth from this year’s estimated US$560,000 to US$5.6 million in 2016.
Also Read: Thailand startup scene: What you need to know
Echelon Thailand takes place today and tomorrow, November 26 to 27, 2015. Join us as we connect the Mekong region through Bangkok, Thailand, in two action-packed days. Learn more about Echelon Thailand here.
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