Insurance technology startup PolicyPal, based in Singapore, raised 23,809 ethereum tokens last week through an initial coin offering. The move allowed PolicyPal to generate about US$20 million in fresh capital. The ICO was run in two stages that included a private pre-sale and a public crowdsale. According to the company, the tokens for the latter sold within 38 seconds. The funds will be used by the company to develop the PolicyPal Network, a blockchain-based insurance product ecosystem. PolicyPal, founded by CEO Val Ji-hsuan Yap in 2016, is a mobile app that permits users to track all their insurance policies on one platform. It uses artificial intelligence to digitise and store the policies. On board its platform are a string of major insurance providers that include AIG, Aviva, AXA, Etiqa, and NTUC Income. The company also raised an unrevealed seed funding last year from startups and angel investors.
Insurtech PolicyPal has generated around $20m after an initial coin offering (ICO) that raised 23,809 ether tokens. The two-stage ICO comprised a private pre-sale and public crowdsale, with tokens for the latter selling in just 38 seconds, according to the Singapore-based firm. In total, more than $200m was raised, which will be used by the company to expand its operations into other countries.