Southeast Asian investment

Singaporean insurance startup raises new funds

Instead of hoping for the usual exit route of an IPO, backers of Singapore Life are aiming for a reasonable buyout in the future.

Recent market volatility has made IPOs unattractive with some recent headline market entrants even dropping below their issue price. This situation has inspired investors to search for alternatives when they help startups to develop.

Online insurance company Singapore Life has just closed about $20 million Series B funding, of which $7.3 million comes from Hong Kong-based investment firm Ion Pacific with the remainder from existing investors.

But instead of an IPO, Michael Joseph, co-CEO of Ion Pacific, said that he expects to sell Singapore Life to a strategic player in the near future.

Singapore Life has already raised $83 million from...

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