Munich Re may lead $70 million round in Acko

MUMBAI: Munich Re Ventures, the strategic corporate venture capital arm of Munich Reinsurance, is in the final stages of leading a $60-70 million financing round in Acko Technology, people in the know said. The funding is expected to value Acko at around $400-500 million, these people said on the condition of anonymity.

Other existing investors, such as Amazon, former SoftBank executive Kabir Misra's RPS Ventures and Intact Ventures, will likely participate in the ongoing fundraising for the new-age insurance startup, the sources added. Munich Re has backed firms across insure-tech, digital health, deep tech sectors. In the digital insurance space, it has ploughed capital in US firms like Next Insurance, which is valued at over $1 billion, Inshur, Hippo Insurance, among others.

The investment round will close in about a month's time, said another person privy to the deal details who did not want to be named as talks are private.


Emailed queries to a spokesperson at Munich Re Ventures and Acko's founder and CEO Varun Dua did not elicit responses till press-time Monday.