Avo raises $33.4 million

Avo Insurance, “Hong Kong’s first virtual general insurance company,” announced an additional capital injection of $33.4 million (HKD260 million).

This investment will accelerate Avo’s product development and enhance its “insurtech capabilities as a key player in the Hong Kong insurance market.” Last year, Avo partnered with Two Sigma with the ultimate goal of creating “a new insurance model that will set a precedent for the future of virtual insurance.”

“We’re thankful for this round of injection. It’s not only a sign of trust, but also will bolster our efforts in product development and innovation. Our team can further perfect our insurance experience, which will widen our coverage on our customers’ everyday lives. We’re able to pinpoint unique opportunities and make the best use of our expertise through data. That’s how we stay relevant and fulfill our promises to our customers and shareholders.” – Winnie Wong, Executive Director and CEO of Avo.