Qoala raises $65 million
Indonesian insurtech startup Qoala closed a $65 million Series B round, bringing its total funding to $81.5 million.
Founded in 2018, the company distributes personal lines insurance products including car, bike, home, and health insurance through its omnichannel platform. It expanded to Thailand and Malaysia last year.
Qoala claims it has acquired over 50,000 insurance marketers, providing them a platform supported by over 50 insurers (including Sompo, AXA, and Chubb) for them to offer insurance.
It also provides several micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.
“Qoala is the only insurtech with licenses in three markets in SEA and with this new round we are optimistic in sustaining our growth momentum. Our business in Thailand has also already grown by three times since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability.” – Tommy Martin, Co-founder and COO of Qoala.
“Insurance penetration in Indonesia is currently only 2%, far behind the global average of 6%, with most consumers just beginning to understand the value of insurance and hence there is plenty of room for growth. Indonesia, Thailand, and Malaysia are amongst the top 10 fastest growing global markets for insurance in the next decade.” – Harshet Lunani, Founder and CEO of Qoala.