[L-R] Qoala Co-Founders Tommy Martin (COO) and Harshet Lunani (CEO)
Indonesian insurtech company Qoala has closed its Series B extension funding round, raising US$7.5 million.
responsAbility Investments AG led the round, and Appworks and existing investors Eurazeo and Indogen joined.
The funding will further boost Qoala’s product and geographic expansion, focusing on addressing the challenges of insurance accessibility and affordability in emerging markets in Southeast Asia.
“Through this Series B+ funding, we will further simplify insurance ownership by advancing our product offerings and experience. These advancements will strengthen our position as we strive for sustainable growth in the region,” said Harshet Lunani, Founder and CEO of Qoala.
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The Series B+ deal comes less than a year after Qoala announced a Series B fund-raise of US$65 million led by Tara Reeves of Eurazeo, with participation from Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India.
Launched in 2018 by Harshet Lunani and Tommy Martin, Qoala distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform.
Qoala claims it has processed over US$30 million in claims by partnering with insurers across its three markets — Indonesia, Thailand and Malaysia.
“Qoala’s growth through the pandemic indicates that its omnichannel approach can distribute insurance to parts of the population that are currently not served by incumbents or have not previously been insured at all,” said Ruzgar Barisik, on behalf of responsAbility’s financial inclusion private equity practice.
In 2020, Qoala secured US$13.5 million Series A financing led by a JV between funds from South Korea’s Kookmin Bank and Telkom Indonesia’s Centauri Fund.
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