Indonesia's Qoala raises $65m Series B
Eurazeo has led a USD 65m Series B round for Indonesia’s Qoala, which claims to be the only insurance technology start-up with licenses in three Southeast Asian countries.
Sequoia Capital India, Flourish Ventures, Daiwa PI Partners, and KB Investment also participated. They were joined by MassMutual Ventures, MDI Ventures, SeedPlus, BRI Ventures, Indogen Capital, and Salt Ventures, as well as the VC arm of Mandiri, one of Indonesia’s largest banking and financial services companies.
Qoala aims to increase insurance adoption in Southeast Asia through an easy-to-use omnichannel platform with artificial intelligence-enabled claims processes. Technology is described as a key differentiator that allows for low unit economics that reduce costs for end-users, rapid policy issuance, instant pricing, and instant commissions to insurance marketers.
The company distributes retail insurance products in Indonesia, Malaysia, and Thailand for car, bike, home, and health, working with more than 50 insurers and 50,000 insurance marketers. Pre-sale and post-sale services are also part of the offering. Micro-insurance products are available through partnerships with the likes of JD.ID, Shopee, and Kredivo.
Qoala claims to be the fastest-growing insurance start-up in Southeast Asia, having expanded 30x since a USD 13.5m Series A led by KB and MDI in 2020. The Thai business alone is said to have grown 3x since it teamed up with local insurance platform FairDee in February 2021,
The fresh capital will be used to add more than 250 employees this year while investing in technology and product. There are also plans to grant employees with equity compensation and give them the right to acquire shares in the company.
“Qoala has a great opportunity to scale through B2B schemes with various industries currently being accelerated, one of which is logistics, health, and tourism,” Eddi Danusaputro, CEO of Mandiri Capital Indonesia, said in a statement. “We believe this fund can strengthen Qoala's position as a leading insurtech company in Southeast Asia that has a harmony of innovation and synergy with the Mandiri Group.”
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