Munich Re Ventures, the strategic corporate venture capital extension of Munich Reinsurance is in concluding position of leading a $60- $70 million fundig round in Acko Technology. The latest investment will bring Acko to an approximate valuation of $400- $500 million.
The Insurtech company is also expecting its existing investors like Amazon, Softbank’s former executive Kabir Misra, RPS Ventures and Intact Ventures to participate in the ongoing round. Munich Re has a reputation of backing companies dealing in Insurtech, deep tech and digital tech sectors.
The investment firm has supported Insurtech companies in the United States like Next Insurance which stands at a valuation of $1 billion, Inshur and Hippo Insurance among several others.
The deal with Acko Technologies is expected to close in about a month, an anonymous source claimed who is aware of the matter. Munich Re and Acko have not commented on the development as of yet.
Acko raised $20 million in a funding round in November from its existing investor Binny Bansal, co-founder of Flipkart and it also received $16 million in a bridge round of funding from Ascent Capital a few months before that. In beginning of last year, they also raised $65 million in Series C round from a bunch of investors bringing their valuation to $300 million.