Indonesian Insurtech Qoala Extends Series B With US$7.5 Million Fundraise
by Fintech News Indonesia March 28, 2023Indonesian insurtech startup Qoala announced the close of it US$ 7.5 million Series B+ funding round led by Switzerland’s responsAbility Investments. Qoala had previously raised US$ 65 million in a Series B round in May 2022.
This funding round was also joined by Appworks as well as existing investors Eurazeo and Indogen.
Qoala said that the funds will be used to further boost its product and geographic expansion. The firm already has a presence in Indonesia, Thailand and Malaysia. Qoala had acquired Thai insurtech FairDee in a bid to expand into the market in 2021.
The company distributes retail insurance products such as motor, property, travel, health coverages as well as life policies to consumers through its omnichannel platform.
It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.
The insurtech added that its customers have benefited from over US$ 30 million in claims to date by partnering with insurers across its three markets.
Harshet Lunani
“We are thrilled and grateful to our investors for believing in us and our mission despite the current economic climate. Through this Series B+ funding, we will further simplify insurance ownership by advancing our product offerings and experience. These advancements will strengthen our position as we strive for sustainable growth in the region”,
said Harshet Lunani, Founder and CEO of Qoala.
