Indonesian insurtech startup Qoala banks US$65M Series B led by Eurazeo’s Tara Reeves

Indonesian insurtech startup Qoala has announced a Series B fund-raise of US$65 million led by Tara Reeves of Eurazeo, a European investment firm.

Several existing investors, including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India, also participated. New investors in the round are BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures.

“We will continue to invest in scaling up Qoala’s reach in our core markets. We will also focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance which are still very significant,” said Harshet Lunani, Founder and CEO of Qoala.

Launched in 2018 by Lunani and Tommy Martin, Qoala distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform.

Qoala claims to have acquired over 50,000 insurance marketers and is supported by over 50 insurers to sell insurance from multiple insurers while managing pre-sale and post-sale services. It also provides several innovative micro-insurance products through partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree, among others.

The startup said it grew 30x since its US$13.5 million Series A fundraise led by Centauri Fund, a joint venture between funds from South Korea’s Kookmin Bank and Telkom Indonesia.

Also Read: Why Asia’s insurance industry is poised for collaborative disruption

Last year, Qoala expanded to Thailand by acquiring local insurtech platform FairDee. Qoala also has a presence in Malaysia.

“Insurance penetration in Indonesia is currently only 2 per cent, far behind the global average of 6 per cent, with most consumers just beginning to understand the value of insurance. Hence, there is plenty of room for growth. In the next decade, Indonesia, Thailand, and Malaysia are amongst the top 10 fastest growing global markets for insurance,” added Harshet.

“Qoala is the only insurtech with licenses in three Southeast Asia markets, and with this new round, we are optimistic about sustaining our growth momentum. Our business in Thailand has also grown 3x since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability,” added Qoala COO Martin.

Furthermore, Qoala aims to add over 250 employees this year. In parallel, it also plans to grant employees equity compensation and give them the right to acquire shares to strengthen their ownership in the firm.

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