MIC Global raises $6 million

Microinsurance provider MIC Global has raised $6 million in a seed funding round led by Launchpad Capital, and joined by Greenlight Re, Ironsides Partners, and existing investors.

MIC Global offers embedded microinsurance products for underserved and unserved individuals and micro, small, and medium enterprises. The company operates in ~17 countries and its coverages address loss of income, everyday risks, and identity theft.

“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, co-founder and CEO of MIC Global.

“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. 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.” – Ryan Gilbert, managing partner at Launchpad Capital.

“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.” – Andrew Drake, CEO of Harmonic Financial Technology and venture partner at Launchpad Capital.