Kickstart Ventures leads $2M funding for insurtech Ruralnet

Globe Telecom Inc.'s corporate venture capital arm, Kickstart Ventures, has taken the lead in a seed funding round for RuralNet, a pioneering digital microinsurance platform. The initiative aims to make insurance coverage more accessible to underserved populations.

• PH Pioneer: RuralNet takes the reins as the nation's first digital, API-driven platform dedicated to distributing microinsurance. The platform's primary function is to assist financial institutions with in-person insurance services, from enrollment to processing.

• Who's Got Their Back: The seed funding round netted a total of $2.15M for RuralNet. The funding round saw participation from prominent investors such as Gentree, Foxmont, and Kaya Founders.

• Future Goals: Kickstart Ventures hopes to leverage RuralNet's online platform to increase the number of insured individuals in the country, which is currently a mere two percent. The venture aims to dispel the notion that insurance is an "unnecessary or unaffordable" service.

• Current Achievements: To date, RuralNet has partnered with 25 financial institutions, providing microinsurance to two million Filipinos nationwide.

• New Developments: To further its mission, RuralNet is developing "CashKo", a program that collaborates with financial and retail partners across the country. The company aims to provide insurance coverage to 200,000 to 300,000 employees of SMEs within the next five years through "CashKo".

RuralNet Founder, Justin Arenas, emphasized the platform's dual service approach. While RuralNet offers online interfacing services, it also provides face-to-face services for clients who may not be adept at using technology.