Gigacover Pte Ltd

Gigacover Pte Ltd is a Singapore-based company specializing in embedded insurance solutions tailored for the gig economy, enhancing financial security for gig workers and fleet operators in the ride-hailing and food delivery sectors. Founded in 2017, Gigacover Pte Ltd provides innovative insurance solutions designed for the gig economy. It has not undergone any significant strategic pivots since its inception. The company is headquartered in Singapore.

The founder, Amerson Lin, has a history of entrepreneurial ventures, although details of any previous companies are not provided. In February 2021, Gigacover raised USD 2. 71 mn in Series A funding from multiple investors, bringing the total amount raised to USD 2. 71 mn and valuing the company at USD 9.

86 mn post-money. Gigacover specializes in providing embedded and affinity insurance solutions tailored for the gig economy, primarily focusing on ride-hailing and food delivery sectors. A key offering is the Freelancer Earnings Protection, designed to safeguard the income of gig workers, ensuring they receive financial support during periods of disruption. Additionally, the Motor Excess Reduction product targets drivers and vehicle fleet operators by minimizing risks associated with vehicle usage while simultaneously creating new revenue opportunities.

Since its inception in 2018, the company has protected over 130,000 users and issued 1. 2 million policies, indicating a strong foothold in its market. Gigacover’s services are primarily deployed in Southeast Asia, addressing a growing need for innovative insurance solutions in this rapidly evolving landscape. In 2023, Gigacover generated revenue of USD 613,260.

4 with an EBITDA of USD 45,641. 6. The company generates revenue through partnerships with ride-hailing and food delivery companies, offering its suite of insurance products under collaborative arrangements. The revenue model is based on a combination of subscription fees and commissions for policies issued through their partners, with flagship offerings like Freelancer Earnings Protection and Motor Excess Reduction contributing to its financial performance.

Gigacover plans to utilize the USD 2. 71 mn raised in its Series A funding round to enhance its product offerings, including the development of new insurance products aimed at further protecting gig workers. The company is also targeting expansion into additional Southeast Asian markets by 2024, aiming to increase its user base and service reach. These initiatives are part of a broader strategy to solidify Gigacover's presence in the evolving gig economy landscape.