Qoala Secures Additional Series B Funding

Insurtech startup Qoala has raised an extra US$7.4 million in an extended Series B funding round, participated by Responability and AppWorks as new investors. As a result, Qoala raised a total of US$72.4 million in the Series B funding round, which took place in May 2022. Among the investors involved in the extended round were Flourish Ventures, KB Investment, MDI Ventures, SeedPlus, and Sequoia Capital India. There were also some new investors, such as BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures.

"We want to use these funds to support the technological development so that our insurance services can be better," Qoala co-founder Tommy Martin told DailySocial.id on Wednesday. Previously, Qoala raised US$4 million from investment firm Responsability, US$920,000 from Eurazeo, and US$500,000 from Indogen Capital.