Qoala raised US$ 65 million in Series B funding led by Eurazeo with participation from several existing investors including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India. In addition, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures also joined the investment round as new investors. Qoala becomes Southeast Asia’s fastest growing and first insurtech company with licenses and presence in Indonesia, Malaysia, and Thailand.
JAKARTA, Indonesia, May 12, 2022 /PRNewswire/ — Entering 2022, Indonesian insurtech startup Qoala, has successfully raised Series B funding of US$ 65 million. The company distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform. Based in Indonesia, the platform has successfully expanded to Thailand and Malaysia in 2021, strengthening Qoala’s commitment to make insurance accessible, easy to understand, and help consumers better with their claims.
Left to right: Harshet Lunani (CEO and Founder of Qoala), Tommy Martin (COO and Co-founder of Qoala)
Having grown 30 times since the Series A round in April 2020, Qoala is the fastest growing insurtech in SEA. Qoala has acquired over 50,000 insurance marketers and provides a platform supported by over 50 insurers for them to sell insurance from multiple insurers, while managing pre-sale and post-sale services. It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.
Qoala focuses on “retail insurance” which involves insurance for cars, bikes, homes, and health. “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,” added Tommy Martin, Co-founder and COO of Qoala.
Tara Reeves of Eurazeo, a European investment firm who led this round and previously funded WeFox, the largest insurtech in the world added, “Qoala stands out amongst the insurtech companies due to its diverse team which has been able to deliver rapid growth with promising unit economics despite the pandemic. With regional presence and fast growth forecasted for the region, we are excited to lead this round and join Qoala in its journey.”
Qoala sets itself apart through a superior tech stack. This enables them to offer industry-leading speed in policy issuance, instant pricing as well as an industry first – instant commissions to insurance marketers. These innovations not only solve very key issues for insurance marketers and consumers but also allow Qoala to acquire and service consumers at a lower cost, leading to superior unit economics. Global insurers like Sompo, AXA, and Chubb have also joined Qoala’s platform due to their focus on retail customers so they can fasten insurance adoption while maintaining healthy loss ratios.
Qoala has actively contributed to the upgrade of insurance literacy as it caters to the increased demand for insurance in Southeast Asia. “Qoala’s readiness in accommodating insurance needs through convenience, tech innovations and its rapid annual business growth serve as solid grounds for investing in Qoala,” says Markus Rahardja, Director of Investment of BRI Ventures.
Eddi Danusaputro as CEO of Mandiri Capital Indonesia also added, “Through Qoala’s continuous innovation, the insurance sector in Southeast Asia is expected to grow rapidly. Qoala has a great opportunity to scale through B2B schemes with various industries currently being accelerated, one of which is logistics, health, and tourism. 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.”
The funding also demonstrates appreciation and trust from both Qoala’s existing and new investors to continue its growth in the insurtech sector. “We will continue to invest towards scaling up Qoala’s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant,” said Harshet Lunani, Founder and CEO of Qoala.
Furthermore, Qoala aims to add over 250 employees this year and in particular will look to further invest into technology and product. In parallel, Qoala also plans to grant employees with equity compensation and give them the right to acquire shares in the company to strengthen employee ownership in the company.
“Since the initial funding, we have seen Qoala as a solution to the increasing public need for access to insurance today. It is hoped that through this funding, Qoala can continue to innovate and develop to provide insurance facilities for the people of Indonesia,” said Kenneth Li from KB-MDI Centauri Fund.
“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,” added Harshet.
Qoala is a startup in the field of insurance technology with a mission to socialize insurance through a combination of new product development supported by machine learning-based claim processes. Qoala operates in three countries; Indonesia, Malaysia, and Thailand offering various insurance protections, ranging from health, motor vehicle, property, personal accident, and other needs that can be accessed quickly, easily, and transparently through the Qoala application or website.