Southeast Asian insurtech startup Qoala has closed its $13.5-million Series A round led by Centauri Fund, a joint venture between funds from South Korea’s Kookmin Bank and Telkom Indonesia.
Centauri Fund is a $150-million growth-stage vehicle focused on investing in the Series A-B stages in companies in Southeast Asia with a focus on Indonesia.
New investors in the round included Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment and Mirae Asset Sekuritas, per a company statement.
Existing investors MassMutual Ventures Southeast Asia, MDI Ventures, Surge, SeedPlus and Bank Central Asia’s Central Capital Ventura joined the round.
DealStreetAsia had reported a month ago that Qoala was seeking Series A financing with Flourish Ventures as one of the new investors.
Founded by Harshet Lunani and Tommy Martin, Jakarta-based Qoala provides customers with a multi-channel insurance solution. The funding will allow the company to invest further into technology, people and brand to fuel its multi-channel strategy.
Qoala is hiring across teams with plans to double its headcount to 300 over the next year, the company added.
“As a relatively new entrant in the space we are delighted to partner with leading global investors. This truly demonstrates the ecosystem’s belief in what Qoala is trying to achieve – humanizing insurance and making it accessible and affordable to all,” said Lunani.
Centauri Fund managing partner Kenneth Li said, “Our investment into Qoala was led by our conviction of the company’s multi-channel approach to Indonesia’s untapped insurance industry.”
Commenting on the impact of the COVID-19 outbreak on business, Martin said the startup has accelerated new offerings for consumers and MSMEs across Indonesia to provide pay-outs to those affected by the pandemic, including those who have had their treatment partially or fully subsidized by the government and are hence ineligible per usual insurance plans.
“We will roll this out on a larger scale within the next four weeks,” Martin added.
Qoala primarily works with platform partners to drive insurance awareness in Indonesia and digitalizes traditional offline insurance channels.
The company claims to process over 2 million policies per month, up from 7,000 policies in March 2019, and has diversified its partnership portfolio to serve five core industries: travel, fintech, consumables, logistics, and employee benefits.
The startup has struck a number of partnerships with brands like Grabkois, JD.ID, Shopee and Tokopedia. Qoala’s customers also include other digital platforms such as Investree, PegiPegi and RedBus, as well as traditional players such as MAP Group.
Its go-to-market approach is supported by over 20 insurers including AXA Mandiri, Tokio Marine, Great Eastern as well as local insurers like ACA, Adira and BRI Life.