TIM Ventures M’sia, investment fund for insurtech and Islamic fintech

by James · December 2, 2022

Hong Kong-based insurer FWD Group has partnered with Malaysia-based firm Artem Ventures to launch a RM45 million venture capital (VC) fund, announced in a press release today.

The fund, called TIM Ventures, will invest in new startups in the insurtech and Islamic fintech space in Malaysia.

“By launching TIM Ventures, we hope to support early-stage entrepreneurs in Malaysia by not only providing them with funding, but also helping to connect them with the networks and expertise they need to succeed,” said Sim Preston, CEO and CEO of FWD. Chief Operator.

Founded in 2013, FWD is the insurance arm of investment group Pacific Century Group and has been present in Malaysia since 2019.

It has already funded four startups

The fund has already invested in four Malaysian startups, including winners from FWD Group’s 2021 pre-accelerator, FWD Start-Up Studio. The funding amount for each investment has not been made public.

The four startups are Senang, Pewarisan, Du-It and Blueduck.

Senang is an on-demand subscription-based insurance company that we have mentioned before. A B2B start-up, aims to allow companies and SMEs to get one-off insurance coverage.

In 2019, it made headlines for partnering with maid-booking platform Maideasy and providing cleaners with daily on-demand personal accident insurance for just RM1 per day.

Pewarisan, which refers to the Malay word meaning inheritance, is an online platform that offers digital solutions for Islamic inheritance planning. Specifically, it gives users access to succession planning and property management.

Malaysian Buy Now Pay Later fintech startup Du-It is also on the list of startups. According to their website, Du-It covers both B2C and B2B solutions leveraging the team’s combined experience of more than 20 years from the fintech industry.

Last but not least is Blueduck, a no deposit insurance agency serving landlords and tenants in Malaysia. Essentially, this startup replaces the traditional security deposit system.

According to iBilik, which has partnered with Blueduck since 2020, the system works by allowing a tenant to rent a property by only paying the equivalent of one week’s rent along with an advance rent for the first month.

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Something that is often discussed when it comes to growing and nurturing Malaysia’s startup ecosystem is the participation of private companies.

Therefore, funds like FWD Group and Artem Ventures’ TIM Ventures should be considered as a great initiative for our local insurtech scene and, by extension, the entire startup ecosystem in Malaysia.