Vietnam’s 24hmoney has invested in the local dental clinic chain Parkway while Thailand’s Rabbit Care has acquired the brokerage business of EasyCompare. Roojai, a Thai insurtech startup, acquired motor and travel insurance provider DirectAsia Group.
Thailand’s Rabbit Care acquires EasyCompare’s broker business
Rabbit Care, a Bangkok-based online marketplace for insurance and financial products, has acquired the brokerage business of digital car insurance firm EasyCompare.
Financial details of the acquisition were not disclosed but Rabbit Care said the acquisition will give it access to 30,000 new clients in the car insurance brokerage sector.
Founded in 2013 and rebranded as Rabbit Care in 2021, the company provides a marketplace for insurance (life and non-life insurance) and financial products (loans and credit cards).
“This transaction not only provides us access to a customer base of over 30,000 active clients but also connects us with at least 400,000 EasyCompare users who are considering insurance purchases,” said Michael M. Steibl, co-founder and CEO of Rabbit Care.
Rabbit Care raised an undisclosed sum in a Series C funding round in July last year, anchored by Winter Capital and backed by Thailand’s media conglomerate VGI PCL. It raised $15 million in a Series B in 2020.
Insurtech Roojai buys DirectAsia from Hiscox
Thailand-based insurtech startup Roojai announced that it has agreed to acquire motor and travel insurance provider DirectAsia Group from London-listed insurer Hiscox.
The acquisition will see DirectAsia Thailand rebranded into Roojai Thailand. DirectAsia Singapore will retain its brand. Financial terms of the transaction were not disclosed.
Roojai said the acquisition will increase its market share with a combined portfolio of over 400,000 vehicles insured in three countries and 300,000 individuals protected with its accident and health products.
The acquisition comes about six months after Roojai raised $42 million in a Series B funding round led by HDI International, a subsidiary of the German insurance company Talanx Group.
Founded in 2015 by Nicolas Faquet, Roojai offers real-time quotes and insurance packages that can be purchased through its web portal, mobile application, and call centre.
Vietnam-based 24hmoney invests in dental chain Parkway
24hmoney, a unit owned by Vietnamese entrepreneur Phan Minh Tam, has invested in the local dental clinic chain Parkway.
24hmoney said the value of the investment was below $5 million. This is the first-ever equity investment that Parkway has received.
Established in 2017, Parkway has opened 11 outlets across five cities and provinces in Vietnam and expects to add 6 more clinics before Q1 2024.
The company said it will use the fresh capital for further expansion as well as investment in its facilities.
Tam is known as the founder of STI Investment, a Vietnamese venture builder that has backed tech and retail platforms such as HR firm Sieu Viet (invested by Affirma Capital), salon operator 30Shine (invested by Excelsior Capital), and household services provider JupViec.vn (invested by Cyberagent Capital and Patamar Capital).