JAKARTA, Indonesia, 12 May 2022 — Indonesian insurtech startup Qoala, has successfully raised Series B funding of US$ 65 million. The company distributes retail insurance products aimed at consumers such as cars, bikes, homes 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 making insurance accessible, easy to understand, and helping consumers better with their claims.
Having grown 30 times since the Series A round in April 2020, Qoala is the fastest-growing insurtech in the region. 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. Additionally, it also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.
The Series B funding was led by Eurazeo, a European investment firm which previously funded the largest insurtech in the world – WeFox. This is the first time that the venture capitalist arms of the three largest financial institutions in Indonesia namely Bank Central Asia, Bank Rakyat Indonesia, and Bank Mandiri have jointly invested in one company, based on their strong conviction in the business model and team.
- Raised US$ 65 million in Series B funding led by Eurazeo together with participation from several existing investors including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India. In addition, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures also joined the investment round as new investors.
- Furthering Qoala’s position as Southeast Asia’s fastest-growing and first insurtech company with licenses and presences in Indonesia, Malaysia and Thailand.
This funding demonstrates appreciation and trust from both Qoala’s existing and new investors to continue its growth in the insurtech sector. “We will continue to invest towards scaling up Qoala’s reach in our core markets, and are focussed on enhancing our technology and product experience to greatly reduce the hurdles of accessing insurance that is still very significant today,” explains Harshet Lunani, Founder and CEO of Qoala. He also added that Malaysia is among the top 10 fastest-growing markets for insurance in the next decade.
“Qoala is the only insurtech with licenses in three markets in Southeast Asia and with this new round of fundraising, we are optimistic about sustaining our growth momentum. Our business in Thailand has also already grown by three times since we joined forces with FairDee in February 2021, thus giving us confidence in our expansion capability”, added Tommy Martin, Co-founder and COO of Qoala.
“Qoala stands out amongst the insurtechs due to its diverse team which has been able to deliver rapid growth with promising unit economics despite the pandemic. With regional presence & fast growth forecasted for the region, we are excited to lead this round and join Qoala in its journey,” states Tara Reeves, Managing Director of Eurazeo.
“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 the 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.”
Qoala sets itself apart through superior underlying technology. Enabling it to offer industry-leading speed in policy issuance, instant pricing as well as the industry’s first instant commission to insurance marketers. These innovations not only solve very key issues for insurance marketers and consumers but also allows Qoala to acquire and service consumers at a lower cost, leading to superior unit economics.
Furthermore, Qoala aims to grow its headcount by another 250+ this year and will particularly look to further invest in technology and products. To strengthen employee ownership in the company, Qoala also plans to grant employees equity compensation and give them the right to acquire shares in the company.
Qoala is a startup in insurance technology (insurtech) with a mission to democratize insurance through a combination of an omni-channel presence and new product development. Qoala operates in three countries; Indonesia, Malaysia, and Thailand offering various insurance and takaful protections ranging from cars, motorcycles, property, personal accidents, travel, and health that can be accessed quickly, easily and transparently through the Qoala application or website.
Jeremy JEESANDARAN | PR Associate, Qoala Malaysia | firstname.lastname@example.org | +6016 312 7360