Aigis Pockets Funding from Y Combinator, Init-6, and Several Other Investors

The platform for providing employee health benefits for the company Aigis has pocketed funding in the initial round from a number of investors worth $1 million or the equivalent of 14.5 billion Rupiah. Two investors involved are Y Combinator and Init-6.

Others who participated in this funding round were Goodwater Capital and several individual investors such as Siu Rui (Co-Founder of Carousell), JJ Chai (Co-Founder of Rainforest), Robin Tan (Co-Founder of Hangry), and Greysia Polii (athlete). Indonesia).

The inclusion of YC in the funding round is because Aigis has successfully entered the global accelerator program in this W22 (YC W22) cohort.

Co-Founder & CEO Aigis Reinhart Hermanus said this investment is a combination of several initial rounds. There are no lead investors for this round, because all deals are done independently. Likewise with the existing time and terms.

However, he said that Y Combinator and Init-6 were the investors who contributed the most to this funding round.

Still focusing on the Jabodetabek area, the company plans to use the fresh funds to build the initial version of the product and acquire customers. The company’s focus is currently more on execution, there are no specific plans to raise further funds in the near future.

According to Init-6 Venture Partner Rexi Christopher, Aigis can be a quick win solution to support companies in providing the best health benefits for employees in a simpler and more affordable way.

They believe that the solutions offered by Aigis can help companies increase employee engagement and retention, as well as reduce costs.

“Regardless of the size of the sector, insurance and job benefits in general are still very difficult to do well. We believe Aigis can provide a much better experience for companies and employees,” said Init-6 Partner Nugroho Herucahyono.

Focus on MSMEs and Startups

Aigis was founded by Reinhart Hermanus, Philip Moniaga, and Sebastian Yaphy. They see access to health services as a basic need for everyone, and they still see that the health insurance experience in Indonesia is far from ideal.

Corporate health insurance is mandatory in Indonesia, and with the fact that most Indonesians benefit from workplace health (through BPJS, private insurance, or self-funded health benefits).

“We started our journey by helping companies provide the best health benefits for their employees,” said Reinhart.

Indonesian companies are still underserved by existing insurtech startups, and most of their focus is on selling general insurance to individuals.

Aigis then tried to take a different approach, where it focused more on providing complete healthcare services to companies rather than focusing on distribution or being an insurance market.

“We provide a wellness program with a dedicated team of doctors (general practitioners, mental counselors, nutritionists, fitness coaches, and more) that our members can easily access. We also assist with insurance claims and provide reimbursement management to make the process simpler and faster.”

Chosen to Join the Accelerator Program in Southeast Asia

Startup enabler YCombinator has held a global startup incubator program titled YCombinator Winter 2022. Indonesia contributed the highest number of startups that received funding in the Southeast Asia region in the program, namely 16 startups.

In Southeast Asia, YCombinator selected 33 startups that received funding. “Half of them come from Indonesia,” as quoted from Tech in Asia, Thursday (31/3).

Meanwhile, 10 other startups are headquartered in Singapore. Five startups are from Vietnam, two startups are from Malaysia. The 33 startups from Southeast Asia offer solutions for industry verticals, such as financial technology (fintech), quick commerce, software as a service (SaaS), to blockchain.

In Indonesia, a number of startups that have been successfully selected to join the YCombinator program include CrediBook, Fresh Factory, Dropezy, Bananas, Radius. Then, there are Aigis, Deal SejutaCita, Lumina, Finku, Pina, Sribuu, Rocket Pocket, UpBanx, Transfez, Bipi, and Blocknom.