Hong Kong’s Avo secures HK$260m in fresh funding

The insurer plans to use the fresh capital for product development.

Avo Insurance Company Limited has secured HK$260m ($33.43m) in fresh funding in its latest round of capital injection.

The insurer plans to use the funds to accelerate Avo's product development and enhance its insurtech capabilities as a key player in the Hong Kong insurance market. 

"We're thankful for this round of injection. It's not only a sign of trust but also will bolster our efforts in product development and innovation. Our team can further perfect our insurance experience, which will widen our coverage on our customers' everyday lives,” Winnie Wong, executive director and CEO of Avo said.

Avo is the first firm to receive a virtual general license in Hong Kong that combines advanced technology and decades of expertise from its parent company, Asia Insurance.