To date, Roojai has raised $27 million: $20 million seed investment from Primary Group—a well-known investment firm in the insurtech area—and $7 million Series A funding from IFC, a member of the World Bank Group. Primary Group’s most notable investment in Insurtech are: Swiftcover, Policy Expert in the UK, and Now Health in Hong-Kong/Asia. Swiftcover was the first pure online Insurer in the UK in 2004. It was sold to AXA in 2007. IFC, on the other hand, has been one of the leading global investors in the insurance sector in emerging markets for many years. Since 2000, IFC has invested in forty-two insurance companies with a total investment of close to US$2.0 Billion invested. IFC’s insurance portfolio includes a full range of sub-sectors, such as reinsurance, life, non-life, microinsurance and Insurtech.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. They work with more than 2,000 businesses worldwide, using their capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, they delivered a record $23 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit IFC - International Finance Corporation.
Primary Group is a Bermuda-based holding company that partners with entrepreneurs to fund, develop and build insurance technology businesses globally.