Insurtech startup Square Insurance and marketing automation platform Hypergro.ai have raised early-stage funding, the companies said on Monday.
Square Insurance has secured $1 million (Rs 8.3 crore) in a funding round from revenue-based financier Recur Club.
The Jaipur-based startup will deploy the fresh proceeds to develop its technological stack, expansion, marketing and advertising campaigns.
"With limited access to insurance solutions in India, consumers struggled to identify the optimal policy. To address this, we focused on developing a personalized insurance platform that uses algorithms and data analytics to provide tailored recommendations,” said Rakesh Kumar, founder and managing director, Square Insurance.
Square Insurance joins the long list of startups that have raised funding from Recur Club in the last few months. In June, Buyofuel, an online marketplace for biofuel-based products,raised $550,000 in funding from the revenue-based financier. A few weeks before that, SaaS startup ShipEase secured $550,000 in a funding round from Recur Club as well.
Marketing automation platform Hypergro.ai has raised $842,384 (Rs 7 crore) in a seed funding round led by SilverNeedle Ventures.
The round also saw participation from Huddle, TDV Partners, HME Ventures, Dholakia Ventures, FiiRE and angel investors like Arjun Vaidya, Ankit Kedia and Rajesh Sawhney.
The Bangalore- based startup will use the funding to develop its technological capabilities and expanding its team.
Founded by Rituraj Biswas, Neha Soman, Abhijeet Kumar and Arijit Mukhopadhyay, Hypergro.ai uses artificial intelligence to utilise user-generated content (UGC) and simplify the customer acquisition trajectory by improving brand revenue while reducing customer acquisition costs.
Meanwhile, this is the third investment made by SilverNeedle Ventures this year. In March, the Hyderabad-based firm participated in the Rs 7.5 crore pre-Series A funding round of contract execution firm Doqfy. In January, it led the bridge funding round of skill development startup Disprz.