Indonesian insurtech startup Qoala, has successfully raised Series B funding of US$ 65 million. The company distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform.
Based in Indonesia, the platform has successfully expanded to Thailand and Malaysia in 2021, strengthening Qoala’s commitment to make makes insurance accessible, easy to understand, and help consumers better with their claims, a statement said.
Having grown 30 times since the Series A round in April 2020, Qoala is the fastest growing insurtech in SEA. Qoala has acquired over 50,000 insurance marketers and provides a platform supported by over 50 insurers for them to sell insurance from multiple insurers, while managing pre-sale and post-sale services. It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others, the statement said.
“Qoala is the only insurtech with licenses in three markets in SEA and with this new round we are optimistic in sustaining our growth momentum. Our business in Thailand has also already grown by three times since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability,” added Tommy Martin, Co-founder and COO of Qoala.
“Qoala’s business model of expanding the use of insurance among underserved consumers in Southeast Asia resonates with our thesis of backing innovation to improve financial health of households,” said Smita Aggarwal, Global Investments Advisor at Flourish Ventures. “We are excited about the momentum that Qoala has generated since we last invested in Series A. We at Flourish Ventures are pleased to continue our commitment to Qoala.”
Tara Reeves of Eurazeo, a European investment firm who led this round and previously funded WeFox, the largest insurtech in the world also added, “Qoala stands out amongst the insurtech companies due to its diverse team which has been able to deliver rapid growth with promising unit economics despite the pandemic. With regional presence and fast growth forecasted for the region, we are excited to lead this round and join Qoala in its journey.”
“We will continue to invest towards scaling up Qoala’s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant,” said Harshet Lunani, Founder and CEO of Qoala.
Furthermore, Qoala aims to add over 250 employees this year focus on building out an engineering and product management hub in Gurugram, India. In parallel, Qoala also plans to grant employees with equity compensation and give them the right to acquire shares in the company to strengthen employee ownership in the company.
“Insurance penetration in Indonesia is currently only 2%, far behind the global average of 6%, with most consumers just beginning to understand the value of insurance and hence there is plenty of room for growth. Indonesia, Thailand, and Malaysia are amongst the top 10 fastest growing global markets for insurance in the next decade,” added Harshet.
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