Fatfish Group Limited’s (ASX:FFG) insurtech investee company Fatberry Sdn Bhd has closed an RM2.5 million (A$0.8 million) capital raising to carry out its expansion and product development plans.
FFG and its subsidiary Abelco Investment Group AB, as well as several private investors participated in the Pre-Series A round.
Fatfish is investing A$285,000 and Abelco is investing A$329,000 in this new funding round.
Prior to this funding round, FFG via its subsidiary Abelco owns 53% of Fatberry. Post the new funding round FFG and Abelco will collectively own an aggregate of 61% stake in Fatberry.
Both Fatfish and Abelco are funding this investment from their respective working capital.
Fatberry is a Southeast Asia based high-growth insurtech platform that has recorded on average of more than 100% month-on-month growth from June 2020 to February 2021.
In just over eight months, between June 2020 and February 2021, Fatberry’s monthly revenue has grown an impressive 6800 % to reach monthly revenue of MYR 550,000 (A$175,000).
Via a full commercial launch in the Malaysian market during April 2020 (at the beginning of the COVID-19 pandemic), Fatberry has transformed the way consumers purchase insurance products in Malaysia via Fatberry.com, which is now a leading insurance online destination that allows customers to easily compare, customise and purchase insurance products online.
The main product offering of Fatberry is vehicle insurance. Earlier this month, Fatberry expanded into the 2-wheel motorcycle insurance vertical, in which it sees potential. The vehicle and motorcycle insurance market in Malaysia is estimated to worth MYR 8.5 billion (A$2.67billion) in year 2020 alone Fatberry plans to launch further new product range in different insurance verticals to drive growth.
With the funding raised, we will continue in our mission to make purchasing insurance on digital platform as easy as possible for consumers,” Fatberry’s CEO, John Tan, said.