The funding round was spearheaded by Launchpad Capital and saw participation from notable investors including Greenlight Re, Ironsides Partners, as well as existing backers.
MIC Global specializes in offering embedded microinsurance products tailored to meet the needs of underserved and unserved individuals, as well as micro, small, and medium enterprises. With operations spanning approximately 17 countries, the company’s comprehensive coverage options address a spectrum of risks including loss of income, everyday uncertainties, and identity theft.
The infusion of capital underscores investor confidence in MIC Global’s innovative approach to bridging insurance gaps and providing accessible coverage to vulnerable populations worldwide. As the company continues to expand its footprint and enhance its suite of offerings, the latest funding round positions MIC Global for sustained growth and impact in the evolving landscape of microinsurance.
Commenting on the raise,Jamie Crystal, co-founder and CEO of MIC Global, said: “We are pleased to welcome Launchpad Capital, GreenlightRe, and Ironsides Partners as strategic investors and partners to help fuel MIC Global’s continued growth as the preeminent embedded micro insurance provider. MIC is reimagining how insurance is bought and sold, and the additional capital will support the company’s global growth strategy with a focus on expanding our technology-enabled insurance platform to provide protection to people in both developed and emerging countries through our banking, mobile phone, digital/technology, insurance, and insurtech partners.”
“Jamie Crystal and Harry Croydon bring decades of global insurance and technology leadership to the embedded microinsurance opportunity. They built a team, technology infrastructure, and underwriting capacity that allows embedded distribution partners to rethink microinsurance. Innovators shouldn’t be restricted to ‘on the shelf’ products. MIC Global is the insurance sector’s equivalent to fintech’s sponsor banks,” said Ryan Gilbert, managing partner at Launchpad Capital. “Over the past year our team and portfolio companies, Harmonic Financial Technology and Grid, have been impressed by the way the MIC team has enabled global insurance innovation with a ‘can-do’ attitude and ‘out of the box’ thinking. We all look forward to the future of this partnership.”
Andrew Drake, CEO of Harmonic Financial Technology and venture partner at Launchpad Capital, added: “We got to know MIC well by working closely with Jamie and Harry on an innovative glass insurance program, soon followed by an Income Protection program. They think differently about using technology to design and deliver high frequency, low dollar insurance programs that help customers address real-world risks.”
