Indonesian insurtech startup Qoala has announced a Series B fund-raise of US$65mn, a thirty times growth since the company’s Series A round in April 2020, led by Tara Reeves of Eurazeo, a European investment firm.
Founded in 2018, 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.
Tara Reeves of Eurazeo, said: "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."
Improving technology for better product experience
A fast growing company, 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.
"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.
Expanding the team to grow in new markets
Qoala aims to add over 250 employees this year and focus on building out an engineering and product management hub in Gurugram, India. 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.
"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 Lunani.