TTB Partners is pleased to announce that Coherent, the Hong Kong based insurtech start-up, has secured a US$14mn Series A funding round led by global VC fund Cathay Innovation, with participation from Franklin Templeton. Coherent provides digital platforms and data intelligence engines to help large and growing insurers evolve their business and processes to meet the demands of the post-COVID future of insurance. Insurers today face multiple challenges — the need to accelerate product development to create new products; ongoing legacy system and process issues that hinder progress; and finally, the urgency to supplement the traditional sales experience with digital in the face of changing environments due to COVID-19. Coherent will use the funds to expand its Asia presence, increase customer reach and scale its already profitable business, which is on track to grow four times in revenue by the end of FY2020
“We have collaborated closely with TTB Partners, who have provided valuable advice and experienced support throughout the fundraising process. The TTB team has been instrumental in introducing us to quality investors, advising on the structuring of our Series A round and guiding us through the process to execution,” said John Brisco, CEO, Coherent. “The successful Series A round sets us up for the next stage of growth, and we cannot wait to move forward from here.”
“John and his management team have built a market-leading insurance technology provider, which has huge potential in the APAC region and beyond. This successful fundraise is a testament to the strength of Coherent’s solutions as well as the team’s ability to deliver and we are excited to watch the Company’s development from here,” said Chris Scoular, Partner, TTB Partners.”
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Established in 2018, Coherent Group is a Hong Kong headquartered insurtech company that creates digital platforms that help insurers transform key stages in their business lifecycle including product development, sales and customer engagement. Coherent employs more than 120 team members across Hong Kong, Mainland China, the Philippines and Singapore who are passionate about helping the insurance industry evolve to its full potential. For more information please visit www.coherent.com.hk
Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital, investing in startups at the center of digital revolution across North America, Latin America, Europe, Asia and Africa. Its global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start. As a multistage fund with over $1.5 billion assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology. To learn more, please visit www.cathayinnovation.com
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, alternatives and custom multi-asset solutions. With offices in over 30 countries and 1,300 investment professionals, the California-based company has more than 70 years of investment experience. In July 2020, Franklin Templeton completed the acquisition of Legg Mason, Inc. [NYSE:LM] and its specialist investment managers. The newly-combined organization establishes Franklin Templeton as one of the world’s largest independent, specialized global investment managers with a combined approximately US$1.4 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry as of September 30, 2020. For more information, please visit www.franklintempleton.com.hk