Heaptalk, Jakarta — Omnichannel Insurtech Qoala completed new funding in Series C round at US$47 million, approximately Rp746 billion ($1 equals to Rp15,884) led by PayPal Ventures and MassMutual Ventures. Furthermore, several strategic investors, consisting of MUFG Innovation Partners, Ohana Holdings, Flourish Ventures, Eurazeo and AppWorks also back this round.
This capital injection enables Qoala to expand its embedded insurance (B2B2C) across SEA, explore new products and channels for its platform, while expediting growth by discovering strategic acquisitions and partnerships across all verticals. Besides, this injection will also be allocated towards significantly enhancing agent experiences and operational efficiency by further advancing the company’s use of generative AI.
Guided by the unwavering dedication of our exceptional team and the trust vested from the investors, Qoala’s Founder and CEO, Harshet Lunani, claimed this round demonstrates market confidence in the company’s strategy. Aiming to democratize insurance and remain steadfast, he sets up to drive innovation and impact lives and livelihoods.
With the latest investment, Qoala’s total capital raised surpassed US$130 million. This round adds to an impressive list of existing investors, including Peak XV Partners (formerly known as Sequoia Capital India), Kookmin Bank Investment, MDI Ventures, Seed Plus, Daiwa Capital, Indogen Capital, Mandiri Capital, and Salt Ventures.
Commenting on this investment, PayPal Ventures Principal Alexandros Bottenbruch appreciated Qoala’s business achievement in a short amount of time. By positioning its presence as the preference for both consumer-facing platforms and traditional agents, he perceived this insurtech startup could provide adequate tools for customers in SEA to resolve the persistent protection gap.
Generating fantastic bump from its insurance service
Since its Series B in 2022, Qoala posted a 2.5x growth in gross written premiums and processed up to 60% of total claims in-house while delivering market-leading customer satisfaction. Notably, the impressive enhancement is predominantly attributed to their diversified partnership channels, which saw significant expansion in business partners.
On the other hand, Qoala’s agent platform has demonstrably improved insurance accessibility and claim resolution for Indonesia’s society for four years. In 2023, this insurtech accomplished over 115,000 claims and reached 45,000 new customers. Also, Qoala is featured in the 2023 CB Insights’ Fintech 100 Ranking, which was previously the Fintech 250, for the insurance category.
“We have been extremely impressed by Qoala’s remarkable growth since our first investment in 2019. The team’s consistent hard work and high performance are evident in their market-leading position. We are proud to continue our support as they redefine industry standards and promote financial inclusion in the region,” Managing Partner of MassMutual Ventures, Ryan Collins, said.
