Sureplify, a Malaysian financial technology company, raised funds to hire more staffers, pay for
development and marketing costs, while also expanding business operations to include more services.
|RM 2 million||2 months|
|targeted capital accumulated
with the help of FundIn's platform
to gather capital
Instant insurance for the mobile masses
Kuala Lumpur-based Sureplify aims to make it significantly easier for consumers to identify, research and purchase insurance plans. Through a mobile app, users can compare quotes for top auto insurance providers in seconds.
Meeting the needs of a changing industry
In 2017 Sureplify decided to raise funds to meet expansion plans, extra development costs, as well as a planned increase in website features. It also saw the need to hire more staff and step up promotional activities. The move to expand came as Malaysian regulators liberalised the insurance sector, allowing the entry of new industry players and more high-growth opportunities for Surepify.
Raising Funds Through FundIn's Network Of Investors
FundIn's team of business and finance experts connected Sureplify with a selected group of venture capitalists who saw potential in the company's mobile insurance offering. FundIn advised Sureplify's management team on the deal, ensuring the company acheived its fundraising targets and requirements. In exchange, the venture capitalists obtained a small stake in Sureplify, ensuring a win-win for venturer and investor.
Scaled-up Operations And New Potential Markets
Sureplify raised 2 million ringgit in about 2 months. With more capital, the company was able to fund development costs, improve its in-app user interface and ramp up promotional activities. In addition, Sureplify has identified new regional markets, inluding Thailand, as potential new sources of revenue.
"We were impressed by FundIn's profile, great market reputation & strong professionalism. We strongly believe that by working together with FundIn, it will make our fundraising path much easier and enhance investors' confidence in our company."
Lewis Pang, CEO, Sureplify
Visit Sureplify's website to learn more about its services here.