Startup Bangladesh invested in Bimafy

Startup Bangladesh Limited, the flagship venture capital company of the ICT sector, has invested in Bimafai, a Bangladeshi digital insurance service platform startup. Bimafy provides various insurance services to customers in Bangladesh through an online platform. An agreement was signed between the two institutions in Dhaka on Wednesday, December 7 for an investment of Tk. 1 crore. The agreement was signed at the office of Startup Bangladesh in Gulshan, Dhaka in the presence of the Chairman of the Board of Startup Bangladesh and Senior Secretary of ICT Division NM Zeaul Alam. Startup Bangladesh Board Member Legislative and Parliamentary Affairs Department Secretary Md Mainul Kabir, Bangladesh Computer Council Executive Director (Additional Secretary) Ranjit Kumar, Startup Bangladesh Managing Director Sami Ahmed and Head of Portfolio Investment Hasan A. Arif, Bimafai Chairman Arnav Pal, CEO Alvi Nizam Nafi and other stakeholders were present at the signing ceremony. Since 2019, Bimafy has been working on digitalization of insurance facilities to ensure customer service in the insurance sector. From the Bimafy app and website, customers can choose and purchase health insurance, accident insurance, travel insurance and motor insurance from the insurance company of their choice. So far Bimafy has created a unique example in settling health insurance claims besides providing digital insurance services to more than four lakh customers. Under the visionary guidance of Honorable Prime Minister Sheikh Hasina, Startup Bangladesh is the only venture capital company of the Government of Bangladesh under the ICT Division which started its journey in March 2020 with a capital of Tk. 500 crores. Startup Bangladesh Limited has decided to invest Tk. 1 crore in Bimafy recognizing the potential of digital insurance. In a message about the agreement, the ICT State Minister Zunaid Ahmed Palak said, “The technology-based solutions that startups are coming up with in Bangladesh will play an important role in realizing the Smart Bangladesh vision. Government has formed Startup Bangladesh Venture Capital Company to provide support to these innovative startups. I hope Bimafy will make a significant and positive impact on the industry with this investment.” NM Zeaul Alam, Chairman Board of Startup Bangladesh and Senior Secretary of ICT Division said, “The work Bimafy is doing in the insurance industry is highly commendable and Startup Bangladesh Limited's investment in Bimafy will help it reach more customers. I hope they will be able to make a deep impact in the implementation of Smart Bangladesh as startups. The ICT Division is helping the emerging and fast growing startups in policy, training, mentoring etc.” Sami Ahmed, Managing Director of Startup Bangladesh Limited said, “Startup Bangladesh aims to help local startups grow faster to attract more foreign investment. We believe that Bimafy provides a solution that is greatly needed in the Bangladeshi market. By applying the right strategy and working with the right focus, Bimafy will be able to make a significant impact on the lives of the Bangladeshi people as a successful startup in our startup ecosystem”. Alvi Nizam Nafi, Chief Executive Officer of Bimafy said, "We are very happy to receive investment from Startup Bangladesh Limited." This investment will help us expand our digital insurance coverage across the country.” Startup Bangladesh is working towards building a sustainable startup ecosystem in the country. With that in mind, Startup Bangladesh has been investing in the most promising startups in Bangladesh and continues that tradition by investing in Bimafy.