Startup Bangladesh invests in Bimafy

Startup Bangladesh Limited, the flagship venture capital company of the ICT Division, has invested in Bimafy, the Digital Insurance platform in Bangladesh, which enables customers to avail of insurance services through an online platform in Bangladesh.

An agreement was signed on Wednesday between the organisations in Dhaka for investing Tk1 crore. NM Zeaul Alam, chairman of the Board of Directors of Startup Bangladesh and senior secretary of the ICT division, was present on the occasion.

Since 2019, Bimafy has been working on the digitalisation of insurance service facilities to ensure global standard customer service in the insurance sector. Customers can choose and buy health insurance, accident insurance, travel insurance and motor insurance from insurance companies of their choice on the Bimafy app and website. Bimafy also works closely with multiple companies to provide a variety of corporate solutions. In addition to providing digital insurance services to more than 400,000 customers, Bimafy has set an exemplary standard in settling health insurance claims with innovative micro-insurance products. 

Startup Bangladesh is the flagship venture capital company of the ICT Division. Under the visionary guidance of Prime Minister Sheikh Hasina, Startup Bangladesh – the first and only venture capital company funded by the government of the people's republic of Bangladesh – started its journey on March 2020 with an allocated capital of Tk500 crore. In this effort to enable the nation to innovate faster, Startup Bangladesh has decided to invest Tk1 crore in Bimafy after recognising the potential of this digital insurance service platform pioneer.

Startups could play a crucial role in addressing the market needs, which will serve as the foundation for far-reaching consequences in the GDP's overall growth. The tech solutions provided by startups could support the nation's achieving Smart Bangladesh Vision. To support these innovative Startups, the government has established Startup Bangladesh venture Capital company, said State Minister for the ICT Division Zunaid Ahmed Palak on the occasion.

"I hope Bimafy will make a remarkable impact in the industry with this investment," he added. 

NM Zeaul Alam said the work that Bimafy is doing in the insurance industry is highly commendable and the investment from Startup Bangladesh in Bimafy will help it to reach out to more customers. He hopes that they will be able to make a deep impact in Smart Bangladesh implementation as a Startup. The ICT Division is working diligently in changing policies that assist emerging and growing startups in many aspects.

Sami Ahmed, managing director of Startup Bangladesh Limited, said, "Startup Bangladesh aims to support home-grown startups to grow and reach heights that generate higher standards for more foreign investment. We believe that Bimafy provides a solution that the Bangladesh market greatly needs. With the right strategy and focus, Bimafy should be able to make a remarkable impact in the lives of the people of Bangladesh."

 Alvi Nizam Nafi, managing director of Bimafy, said, "We are very happy to receive investment from Startup Bangladesh Limited, this investment will help us expand our digital insurance solutions across the country and reach out to more people in the process." 

Startup Bangladesh in its effort to build a vibrant startup ecosystem that nurtures digitalisation has been investing in the most promising and impactful startups in Bangladesh and has continued that tradition by investing in Bimafy.