Kickstart Ventures, a corporate venture capital (CVC) firm wholly-owned by Globe Telecom, led the seed funding into RuralNet, the Philippines’ first fully-digital and API-driven microinsurance distribution platform that helps cover the vast majority of uninsured Filipinos.
RuralNet operates as a cutting-edge digital middleware platform that helps partner financial institutions deliver in-person insurance better and faster, starting from enrollment all the way to processing claims.
The funding round also drew participation from other investors such as Gentree, Foxmont and Kaya Founders. RuralNet received a total of $2.15 million from all investors.
“RuralNet genuinely understands their customers’ needs and ensures that their insurance coverage is aligned with the needs and realities of their lives. Together, we strive to help provide Filipinos the financial security they deserve,” said Minette Navarette, president and co-founder of Kickstart Ventures.
With the backing of Kickstart Ventures, RuralNet is now poised for expansion. Ruralnet is broadening CashKo, RuralNet’s brokerage that connects various financial and retail partner institutions nationwide, by extending insurance solutions to Filipinos catering to small and midsized enterprises (SMEs).
Justin Arcenas, founder of the Cebu-based insurtech-startup, hopes to empower local business owners and provide them with the financial security they and their employees deserve.
RuralNet has partnered with 25 financial institutions to help deliver microinsurance to about 2 million Filipinos. With their expansion of “CashKo” to provide insurance coverage for SMEs, RuralNet targets to cover 200,000 to 300,000 employees within five years.