Insurtech app Bomapp has raised 1.2 billion won (USD $1.5m) in Pre-Series A funding from The Square Company, ICB, Lotte Accelerator and AssetPlus Investment.
Earlier this year, we wrote about how RedVelvet Ventures’ has been helping its users with insurance information and advice in the form of a user-friendly app. Since launching the platform four months ago, Bomapp has gained 150,000 downloads and 130,000 members without any advertising. On top of this, 10,000 insurance agents have joined the app to be able to more easily communicate with customers.
Bomapp lets anyway compare and sign up for various types of insurance with ease, and comes with other features including direct help from agents and emergency call outs. The aim is to not only help customers save time when signing up for insurance by being able to do everything they need from their phone, but also instill trust which can often run thin when dealing with insurance agents.
“Through this investment, we will be able to prepare to enter the overseas market, and intend to offer personalized insurance information by improving our analysis of insurance data,” says CEO Joonwoo Ryu.
