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Lifepal Bags US$9 Million Series A Funding from ProBatus Capital

Digital insurance marketplace Lifepal received US$9 million in series A funding from several investors.

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Digital insurance marketplace Lifepal received US$9 million series A funding from several investors.

Jakarta, TechnoBusiness ID (English Edition) Lifepal.co.id, a direct-to-consumer digital insurance marketplace in Indonesia, announced that it has successfully raised US$9 million in series A funding from several investors led by ProBatus Capital.

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Some of the investors who participated in the funding, including Cathay Innovation, Insignia Ventures Partners, ATM Capital, and Hustle Fund. This funding adds to the total funding obtained by Lifepal to US$12 million.

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According to company management, Lifepal will use the funds to develop products and improve services. Because, Lifepal is presented with a vision to create financial protection for everyone.

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Lifepal has a huge market potential because Indonesia, which has a population of more than 270 million people, is still served by traditional insurance agents. Based on research by Munich Re Economic, Indonesia’s insurance market value is estimated to reach US$58 billion in 2025.

As an online insurance platform, Lifepal breaks the old pattern with digitization. With Lifepal, customers can easily compare, save, and claim insurance policies online.

Today, Lifepal offers more than 300 auto, health, life, property, and travel insurance policies from around 50 insurance partners. “Lifepal answers the needs of modern consumers who continue to grow,” said Lifepal Chief Marketing Officer Benny Fajarai.

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Since being founded by former Lazada executives Giacomo Ficari, Nicolo Robba, Benny Fajarai, and Reza Muhammad on March 1, 2019, Lifepal has grown quite well.

Currently, Lifepal records 4 million monthly visitors and 1 million social media followers which drives the company’s performance growth up to 12 fold a year and 20% every month.

—Purjono Agus Suhendro, TechnoBusiness ID Photo: Lifepal

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