Quona Capital leads $11m funding in Thai insurtech startup Sunday

Calculator and insurance financials.

Thailand-based insurtech startup Sunday raises $11 million in extension Series A funding round led by Quona Capital, according to a statement issued by the firm.

This second tranche of capital was led by Quona Capital, a fintech venture capital (VC) firm, and joined by Temasek-backed investor, Vertex Ventures.

This brings Sunday’s total Series A round to $21 million, after raising $10 million led by Vertex Ventures SEA and India in February 2019. Another undisclosed insurance group is also understood to be a strategic investor and partner in Sunday.

According to a statement, the fresh round of capital raised will be used by the startup to grow its AI and core technology, which relies on machine learning to price insurance premiums for health, motor and travel insurance in real-time. Founded in 2017, Sunday aims to be a “one-stop shop” for insurance, covering everything from healthcare, mobile gadgets, vehicle and travel.

“Over the last two years, Sunday has been laser-focused on redesigning the entire insurance journey using data and technology. Today we’re proud to be able to deliver personalised coverage and superior customer experiences from initial insurance purchase all the way through to any claims, whether on the Sunday system or through its partner channels,” said Sunday co-founder and CEO Cindy Kua.

Chua Kee Lock, managing partner at Vertex Ventures SEA and India said: “We have witnessed insurtech startups disrupt the traditional insurance industry in the West and in China. Indeed, we are excited to see the same phenomenon in Southeast Asia.”

In Southeast Asia, Sunday competes with insurtech players like Singapore Life and CXA Group. Both have received significant sums of VC money banking on the opportunity to disrupt a highly traditional financial sector.

In July, Singapore Life raised a $90 million equity round in July from Sumitomo Life, one of Japan’s largest insurance companies. We last reported that Singapore Life was eyeing expansion in Malaysia, Indonesia, Vietnam and the Philippines via both organic and inorganic routes.

Singapore-based CXA Group, led by Rosaline Koo, is also backed by a host of strategic and VC investors, including HSBC, Sumitomo Corporation Equity Asia, MDI Ventures and Singtel Innov8. CXA Group was last reported to be seeking a $50 million fundraise at a $250 million valuation in September.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.