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Hong Kong’s Innovation and Technology Venture Fund part of insurtech startup Ignatica’s Pre-A round of financing

ZÜRICH, 7-Jul-2021 — /EPR FINANCIAL NEWS/ — Ignatica, the insurance policy administration platform that offers digital self-service and intelligent automation solutions for insurers, is excited to announce that the Innovation and Technology Venture Fund (ITVF) has become its strategic investor.

The ITVF is a HK$2 billion fund established in 2017 by the Hong Kong Special Administrative Region (HKSAR) Government to co-invest with selected venture capital funds in local innovation and technology (I&T) start-ups.

“Becoming a portfolio company of the ITVF is core to Ignatica’s love and commitment to Hong Kong and its burgeoning start-up and technology sector,” said Ignatica President and Co-Founder, Travis Callahan.

As the first insurtech investment made by the ITVF, Ignatica’s platform lets insurers quickly and efficiently build and launch new products at low cost, while drastically reducing administration costs and transforming the servicing experience for consumers.

“The investment aligns with the ITVF’s primary objective to support the development of I&T start-ups in Hong Kong. We look forward to supporting Ignatica’s innovative work that creates new markets and value for the insurance industry,” said an ITVF spokesperson.

As of July 7, 2021, the ITVF has invested US$1.75 million in Ignatica.

“As a lifelong Hong Konger, it means a great deal to me to enter into this partnership with the city,” said Ignatica CTO and Co-Founder Adhish Pendharkar. “Ignatica is a reflection of the diversity, innovation, and sense of community of Hong Kong.”

Ignatica’s suite of SaaS offerings allows insurance product managers to create and edit coverages and plans, dynamically adjust pricing, and change product configurations in seconds. They also enable servicing and back-office operations to be automated and pushed to the front edge for digital self-service for even the most complex insurance products.

“The ITVF is an ideal investor as we continue to scale our business globally,” said Manuel San Miguel, Ignatica’s CEO and Co-Founder. “It’s an honor to be chosen by the city’s own, premiere investment fund.”

“We welcome the Innovation and Technology Venture Fund to join as a co-investor of Ignatica. We believe Ignatica will be better positioned growing in the Hong Kong market, and in turn contributing to Hong Kong’s fintech industry,” said Ming Shu, Partner of Lingfeng Capital. “As the lead investor of the company’s Pre-A round of financing, we are very pleased to introduce Ignatica to the ITVF. Moving forward, we aspire to continue our post-investment value-add to our portfolio companies and together building the future of insurance technology in the Greater China region and beyond.”

ABOUT IGNATICA (www.ignatica.io/)

Ignatica was founded in 2018 by Manuel San Miguel, former Manulife CTO for APAC, fellow technology and insurance industry veteran, Adhish Pendharkar, and longtime C-suite executive and entrepreneur Travis Callahan. Its core platform technology enables insurers to profitably provide every person on the planet the type of insurance they need, at the price they can afford, with the service and speed that today’s customers expect.

ABOUT INNOVATION AND TECHNOLOGY VENTURE FUND (https://www.itf.gov.hk/en/funding-programmes/supporting-start-ups/itvf/)

The ITVF is a HK$2 billion fund established by the HKSAR Government in 2017 with a view to attracting more private capital to invest in local I&T start-ups, thereby creating a more vibrant I&T ecosystem in Hong Kong. The ITVF will co-invest with selected co-investment partners at a matching investment ratio of approximately 1 to 2.

ABOUT LINGFENG CAPITAL (www.lingfengcap.com/)

Lingfeng Capital is a growth capital private equity fund for the fintech sector in the Asia Pacific, particularly in the Greater China region. Its focus is on real applications and underlying tech for the finance industry. Its vision is to become the leading innovative tech fund management company and to facilitate growth and success for the next generation of entrepreneur-driven fintech companies.

SOURCE: EuropaWire