Insurtech Startup to Grow Platform in Indonesia

It will use the funding raised on technology upgrades, growing its team, and branding to fuel its multi-channel strategy.

Indonesia insurtech Qoala has successfully closed a $13.5 million Series A funding round, the largest raised by an Insurtech from Indonesia, the startup announced on Tuesday in a statement.

The round was led by Centauri Fund, a $150 million growth-stage joint-venture between South Korea’s KB Financial Group and Telkom Indonesia. It also saw participation from new investors Sequoia India, Flourish Ventures, and Mirae Asset Management, which join existing investors Surge, MassMutual Ventures, Seedplus, Central Capital Ventura (Bank BCA fund), MDI Ventures.

During the present crisis we are seeing an increased demand for innovative and scalable services to support the industry as physical contact restrictions are impacting traditional offline sales of insurance, said Qoala co-founder Tommy Martin.

Qoala works with large-scale platform partners to drive awareness about insurance in Indonesia, where it has a low penetration rate among consumers. It also supports traditional offline insurance channels, which currently contribute to 99 percent of insurance premiums, to become digitally enabled through its app.

Launched in 2019, Qoala processes more than 2 million policies per month as of April 2020. Its key partners include Tokopedia, Shopee, JD, Grab for merchants/Grabkios, MAP Group, PegiPegi (Traveloka), and Investree. Its portfolio serves five core industries: travel, fintech, consumables, logistics, and employee benefits.

To build on its growth, Qoala said it would be hiring across teams, and plans to double its headcount to 300 over the next year.