MassMutual Ventures Southeast Asia backs insurance startup Qoala
Jakarta-based insurance startup Qoala has raised $13.5 million in a Series A round from lead investor Centauri Fund with participation from SeedPlus, Mirae Asset Venture Investment, Flourish Venture, Sequoia Capital India, Surge, MDI Ventures, KB Investment, Central Capital Ventura and MassMutual Ventures Southeast Asia (MMV SEA) , the regional arm of MassMutual Ventures. This round brings the company’s total funding to $16.5 million.
Established in 2018, Qoala is a team of ~113 people led by founder Harshet Lunani and co-founder and COO Tommy Martin. It offers travel and gadget insurance with plans to expand to additional products including health and ‘e-commerce’. Its products are offered directly via an app, or via third party sites such as Traveloka-owned Pegipegi , a travel booking platform. “We team up with high-profile insurance companies to create AI-enabled impactful insurance products.”
Coverage is offered via the startup’s partnership with insurance broker Mitra Jasa Pratama.
Bottom Line: “80% of Qoala’s customers never purchased insurance before.“