Jakarta, TechnoBusiness ID (English Edition) ● Qoala, a Southeast Asian insurtech platform with operations in Indonesia, Malaysia, and Thailand, recently secured US$65 million in Series B funding from investors led by French investment firm Eurazeo (EPA: RF).
Other investors participating in the funding are previous investors such as Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus, and Sequoia Capital India. Also, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures as new investors.
“Qoala is the only insurtech company that has a license in three Southeast Asian countries. Through the support of the funds entrusted, we are optimistic to maintain our growth,” said Tommy Martin, co-founder and CEO of Qoala.
“We are optimistic and support to Qoala.”
As an insurtech platform targeting the retail segment, Qoala offers insurance products for cars, bicycles, homes, and health. Its performance has managed to grow 30 times since it received Series A funding in April 2020.
The total sales force registered with Qoala also increased sharply to 50,000 people with a network of more than 50 insurance companies. Qoala also provides micro-insurance products for Traveloka, Redbus, Dana, JD.ID, Shopee, Kredivo, and Investree.
In Thailand, Qoala’s business has also tripled after it acquired FairDee, a local insurance brokerage firm, in February. “We will invest this new funding to expand Qoala’s reach in Southeast Asia,” said Harshet Lunani, founder and CEO of Qoala.
Eurazeo, previously funding insurtech company WeFox based in Germany, agreed to lead the Series B funding for Qoala because it was considered different from other insurtech companies. “We are optimistic and support Qoala,” said Tara Reeves, the company’s investment manager.●
—Purjono Agus Suhendro, TechnoBusiness ID ● Photo: Qoala