Ouch!, a Malaysia-based next-gen, tech-enabled insurance platform, has raised RM5 million (US$1.2 million) in strategic funding from PPB Ventures.
The startup will invest the money to expand its market share, enhance technology infrastructure, and drive product innovation.
Separately, Ouch! has received an additional one-year extension to operate under Bank Negara Malaysia’s (BNM) Regulatory Sandbox. It is now working to secure a DITO licence from BNM, which would enable it to close critical protection gaps for Malaysians, especially young families.
A small percentage of the new funds will also be earmarked as reserve capital for BNM’s Sandbox testing and support for the DITO licence process.
The company is planning to initiate a subsequent fundraising round later this year to meet the minimum capital requirements for the DITO licence.
Also Read: OUCH! secures funding to become a Shariah-compliant digital insurer in Malaysia
“The sandbox extension and DITO licence will both be major game-changers, enabling us to offer even more personalised and accessible Takaful solutions for Malaysians,” CEO Shazy Noorazman said.
Founded in September 2019, Ouch! utilises technology to make the insurance process pain-free—from plan purchasing to claims and policy management. It offers insurance solutions across life, home, travel, and motor, all powered by an app platform that makes the process and tracking easy and transparent.
As a Shariah-compliant one-stop platform, it aims to make family takaful more accessible to all Malaysians.
Last year, it secured an undisclosed sum in a pre-Series A investment round. Its other key investors are OSK Ventures, RHL Ventures, and Vynn Capital.
According to the Malaysian Takaful Association, the country’s family takaful gross contributions increased by 7.55 per cent, reaching almost RM9 billion.
The post Ouch! nets US$1.2M to expand market share, drive insurance innovation appeared first on e27.