Oyen Raises RM 1.7 Million in Funding Round to Improve Digital Pet Insurance Platform
by AZALEA AZUAR / Photo source: Oyen.my
OYEN Sdn Bhd, Malaysia’s leading digital pet health insurance provider, raised US $ 420,000 (RM 1.74 million) in a funding round.
Southeast Asia’s first fully integrated digital pet healthcare platform has attracted funders including venture capital firm Hustle Fund and angel investors from former and current CEOs of Airbnb Inc, Facebook Inc and Rocket Internet SE.
“The number of people who have pets has increased during one of the world’s biggest recent crises, and our platform is uniquely designed to alleviate the concerns of pet owners – especially new ones – when managing the medical needs of their animals.
“With the support of our investors, Oyen is now in a better position to expand and improve its services across Malaysia, while also exploring how we can extend the benefits of our platform to pet owners regionally,” said said Kevin Hoong, founder and CEO of Oyen. in a press release recently.
The company said it will use the capital to enhance its proprietary digital insurance platform and strengthen its market position within Malaysia’s pet health care insurance ecosystem.
He aggressively recruits variour roles in technology like software engineering and non-technology like growth marketing.
These efforts would allow Oyen to offer more holistic pet health care services, such as veterinary medical protection, preventive care, and wellness.
Oyen Aims To Help Pet Owners Manage Their Pets’ Medical Needs through a seamless insurance purchasing and claims experience.
Oyen integrates its service with a panel of veterinary clinical partners in Malaysia.
It aspires to become the regional leader in pet health insurance, a new market with untapped potential.
The company plans to be the first in this space by expanding its pet care network through partnerships with regional insurers and veterinary clinics.
The company aims to insure 100,000 pets in Southeast Asia over the next three years, half of which is expected to come from the company’s largest market, Malaysia.
“We are excited about the growth that Hoong and his team have achieved in Malaysia, and are eager to see the innovations they bring to the pet insurance ecosystem, both as an investor and as a dog lover, ”said Shiyan Koh, General Partner and Co-Founder of Hustle Fund. declaration.
The Asia-Pacific pet care market is growing at a compound annual growth rate (CAGR) of 10% to reach $ 132 billion by 2027, according to Graphical Research.
The region, including some of Southeast Asia’s largest markets, is seeing an almost 60% increase in the number of pet owners, made worse by the Covid-19 pandemic, based on a Rakuten Insight survey.
A pet’s unanticipated medical expenses for illness and injury could be as high as RM8,000 per year, according to a report.
In Malaysia, Oyen could provide the highest veterinary medical coverage with up to RM8,000 of the amount claimable in veterinary medical expenses, up to RM1,000 for pet burial expenses and up to RM50,000. RM in civil liability.
Meanwhile, Malaysia’s life insurance industry is expected to register a 30% CAGR to reach over US $ 15 billion by 2025, GlobalData said.
Oyen is also looking to introduce services for other consumer insurance segments, such as home, life and medical insurance.