Heaptalk, Jakarta — Indonesia’s insurtech startup Qoala announced its newest milestone by obtaining a Series B funding round worth US$65 million. The company will broaden its existence across Southeast Asia and improve its product and service to present a seamless insurance platform with its latest funds.
As it is known, this funding round is led by Eurazeo, a Europe-based venture capital firm, and supported by its existing investors, namely Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus, and Sequoia Capital India. Also, multiple new investors participated in this round, including BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures.
Qoala has grown thirtyfold since its Series A funding round in April 2020. This platform has become the fastest-growing insurance technology company in Southeast Asia with its great accomplishment. The company has also generated over 50,000 insurance marketers and become an insurance platform that is supported by over 50 insurance-trusted companies.
In response to this achievement, Co-founder and COO of Qoala, Tommy Martin, uttered, “Qoala is the only insurtech company with licenses in three Southeast Asia markets. With this new capital, we are confident of sustaining our growth journey. Our enterprise in Thailand has increased by three times since we joined with FairDee. This milestone can ensure our potential expansion in SEA.”
Based in Indonesia, Qoala has enlarged its presence to Thailand and Malaysia in 2021 to make an accessible platform and help consumers experience better claim processes. The insurance platform distributes retail insurance products for customers through its omnichannel platform, including cars, bikes, houses, and health.
Qoala has cooperated with several global insurance companies, namely Sompo, Chubb, and AXA because of the retail insurance scheme that can deliver effective insurance adoption with a minor loss ratio. The platform also grants multiple innovative micro-insurance products through its partnership with Kredivo, Traveloka, DANA, Shopee, Kredivo, Investree, and JD.ID.
The Managing Director of Eurazeo, Tara Reeves, revealed her statement, “Qoala stands out amongst the insurtech companies due to its diverse team, which has been able to bring rapid growth with good unit economics despite the pandemic. We are excited to lead this round and join Qoala in its journey with the regional presence and fast growth forecasted for the region,”
Qoala intends to increase over 250 employees this year and focus on an engineering and product management hub in Gurugram, India. Simultaneously, this platform also plans to provide employees equity compensation in the form of stocks, grant them the shares to amplify their sense of belonging towards the Company.
The platform sets itself through its superior technology, offering users industry-leading speed in policy insurance, instant pricing, and commission to the insurance traders. The innovation allows Qoala to serve users with a more affordable expense that directs superior units economics and is expected to overcome primary issues for the marketers and consumers.
The Founder and CEO of Qoala, Harshest Lunani, declared that insurance penetration in Indonesia is only 2%, below the global average of 6%. However, the consumers’ insight enhancement into insurance value today is estimated to create a vast growth space. Harshest also claimed that Indonesia, Thailand, and Malaysia includes the top ten fastest-growing global market in the insurance sector for the further decade.
“We will allocate this capital for further investment to scale up Qoala’s business network in the Southeast Asia market. We also aim to focus on our technology and product development to minimize people’s obstacles to accessing the insurance,” added Harshet. (SFM)
