Indonesian Insurtech Qoala Eyes ASEAN Expansion

Summary

Technology-based insurance startup (insurtech) Qoala secured US$65 million or roughly Rp 948 billion in series B funding led by European investment firm Eurazeo. Other investors participating in the funding round are 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 are also involved in the latest funding.

Qoala's Founder and CEO Harshet Lunani, said Qoala would use the funding to expand service coverage throughout the Southeast Asian market. This is because insurance penetration in Indonesia is only 2 percent, far below the global average of 6 percent. In addition, most consumers have just started to understand the value of insurance, so there is still much room for growth.

"Indonesia, Thailand, and Malaysia are among the top 10 fastest-growing global insurance markets in the next decade," Harshet said in a press statement Thursday. Qoala will also develop more technology and services. In addition, Qoala plans to recruit more than 250 employees this year and invest in technology and products.

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