IAG strategically purchases Mums & Co, recognizing the value in women-led networks. This purchase reflects a commitment to diversity. Through this purchase, IAG aims to integrate Mums & Co’s insights, enhancing their inclusivity. Such purposeful purchases strengthen IAG’s market position, while empowering entrepreneurial women.
Serial entrepreneur Carrie Kwan has made a significant move by selling her women’s microbusiness advisory and networking platform, Mums & Co, to insurance giant IAG, in a deal of undisclosed value. IAG conducted this acquisition through its NRMA Insurance brand, solidifying a long-standing relationship with Kwan, which dates back to the inception of Mums & Co in 2016. Notably, the insurer was already an investor in the business.
The sale of this startup comes after seven years of operations and was unveiled during the launch of a new report titled “Micro but Mighty: Magnifying Microbusiness in Australia,” commissioned by NRMA Insurance. This report revealed that microbusinesses, typically with up to four employees, constitute a substantial 89% of all businesses in Australia. Over the past four years, this sector has seen a remarkable 14% growth, resulting in 2.28 million microbusinesses that employ 2.9 million individuals.
Carrie Kwan and her team of three will continue to operate under the Mums & Co brand under the umbrella of the insurance giant.
Kwan shared her perspective on the deal, stating, “It provides the best of both worlds for Mums & Co; to continue with our entrepreneurial spirit, buoyed by the support and resources of NRMA Insurance. It’s an exciting era and leadership opportunity for organizations and brands to show how deeply they care for customers and the community. I’m proud to have led Mums & Co to this opportunity and look forward to working together to add value to NRMA Insurance’s customers and de-risk business for business-owning women and mothers, and their ‘Co’.”
For Kwan, this transition marks a return to corporate life after nearly a decade in the realm of small business. She expressed her enthusiasm, saying, “I’m a two-time founder that started my career in corporate, so it feels great to come ‘full-circle’ and champion the role of intrapreneurship at a company that is committed to making the world of business-owning women a safer place… whilst still knees deep in advocating for female entrepreneurship and investment in women-led ventures.”
Discussing the findings of the microbusiness report, Kwan highlighted the fact that more than a third (35%) of Australian businesses are owned by women. She emphasized the growing trend of women entering business, stating, “With lower barriers to entry, women are creating more businesses than men, and this increasingly becomes a viable option to earn an income and balance career and family. However, as the report shows, microbusinesses are often overlooked and don’t get the attention and support they deserve. It’s vital to continue to support women at all stages of business and motherhood.”
NRMA Insurance CEO Julie Batch expressed her enthusiasm for the acquisition of Mums & Co, calling it a natural progression for their organization. She stated, “We are thrilled to continue to support a platform that helps business-owning women build their expertise and networks. Our investment will enable Mums & Co to scale up so that together we can help even more microbusinesses across the country succeed.”
Kwan assured that the only change Mums & Co members will experience is enhanced support and the scaling of operations and services, offering more value to NRMA Insurance customers. To celebrate this development, the insurer is providing 500 free 12-month Mums & Co community-level subscriptions to women until August 31.
The fifth annual Be MPowered conference is scheduled for October 26 and will be free to attend online.