Pune based digital insurance company MetaMorphoSys Technologies has raised an undisclosed sum in a bridge funding round, dubbed a ‘pre-Series A’ round, led by Good Capital and Trifecta Capital co-founder Rahul Khanna.
Good Capital invested from its Mauritius registered maiden fund Good Capital Fund I (GCF I).
The latest infusion follows an undisclosed friends and family round three years ago, co-founder and CEO Amit Naik said.
MetaMorphoSys enables insurance players to digitize their offerings and operations through software-as-a-solutions.
The capital raised in this round will be used for product innovation, said a statement. It will also expand its presence into new markets such as Malaysia, Philippines, Thailand, Japan and the Middle East. At present, it has a presence in India, Hong Kong, Singapore, Indonesia and Vietnam, and plans to focus on Malaysia, Philippines, Thailand, Japan and the Middle East following the latest capital infusion.
Founded in 2016 by former C2LBIZ executives Naik and Kewal Vargante, MetaMorphoSys’ cloud-based product helps in distribution and servicing by insurance companies by reducing turnaround time, helping new business acquisition, enhanced claims experience and customer retention and renewal.
“Our product team keeps track of the latest technological developments and constantly innovates and translates business requirements into revolutionary products,” Naik said in the statement, adding that it provides a suite of products to its clients including underwriting engine, claims engine, AI/ML based sales analytics engine among others.
At present, MetaMorphoSys has a two-member sales team which it plans on ramping up to support expansion, and to handle the Singapore and Indonesia markets.
“We are also partnering with large system integrators for sales and product implementation,” Naik told TechCircle.
He added that with the Covid-19 pandemic, insurance companies are looking at launching innovative products in the health insurance space. “That's where our product configurator helps them in reducing the time to market drastically from months to days and ensure the same product can be distributed using our omni channel customer acquisition platform,” said Naik.
“The two biggest threats to traditional insurers are not being able to meet the expectations of the digital natives and to compete with new-age digital insurance companies who do not carry the burden of legacy policy admin platforms. Insurers have realized that startups like MetaMorphoSys can help them compete with new-age insurance companies and at the same time leverage the huge investments already made in existing legacy platforms,” Rohan Malhotra, partner at Good Capital, said.
Good Capital is a seed-to-Series A stage focused venture capital firm founded by Investopad founders Rohan Malhotra and Arjun Malhotra last year to back B2B and B2C startups in India and the US. The firm’s GCF I is currently on the road to raise a $25 million fund and achieved its first close with commitments worth $12 million in September last year.
Early stage deals continue to trickle in despite the pandemic dampening the overall deal flow. In April, Beenext led a $4.5 million Series A round in API provider to bank and fintech companies, YAP. Bengaluru headquartered small loans platform NIRA also raised a pre-Series A round of $2.1 million. Mumbai Angel Networks and others recently invested in AsknBid Innovation Factory which provides algorithmic trading and investing solutions to enterprises.