KICKSTART Ventures, Inc. has completed a fresh round of seed funding for a digital microinsurance distribution platform, RuralNet, Inc.

The corporate venture capital firm said RuralNet has bagged a combined $2.15 million from its investors that will be used for its expansion plans.

The funding round, Kickstart Ventures said, was also participated in by other investors such as Gentree Fund, Foxmont Capital Partners, and Kaya Founders.

“With the backing of Kickstart Ventures, RuralNet is now poised for expansion,” Kickstart Ventures said in a media release.

It added that RuralNet is also aiming to expand CashKo, its brokerage that connects financial and retail partner institutions.

Insurtech RuralNet aims to narrow the low “insurance penetration” in the country by addressing the limited access to financial services. It operates by tapping integrated digital technology to help partner with financial institutions.

Overall, RuralNet has partnered with 25 financial institutions, delivering microinsurance to about two million clients.

It said that with the expansion plans of CashKo, the company is expecting to provide insurance coverage for small and medium enterprises.

Justine Arcenas, founder of RuralNet, said the insurtech start-up company is targeting to help local business owners provide financial security for their employees.

Founded in 2012, Kickstart Ventures is a wholly corporate venture capital firm of listed telecommunications company Globe Telecom, Inc. — Ashley Erika O. Jose