Thai insurtech Sunday raises $48m in funding led by Chinese investor

Cindy Kua, Co-Founder and CEO of Sunday

Bangkok-based insurance technology (insurtech) startup Sunday has raised over $48 million in a new funding round led by Shanghai-based investment firm HuangPu River (HPR) Capital.

The financing comes a year after the insurtech startup raised $9 million in a pre-Series B bridge round led by SCB 10X, the venture capital arm of the Siam Commercial Bank (SCB).

Sunday’s latest financing was backed by Aflac Ventures, the venture investment arm of US insurer Aflac, and ZVC, a Japanese corporate venture capital unit formed earlier this year through the merger of YJ Capital and LINE Ventures.

Existing investors, including SCB 10X, Vertex Ventures, Quona Capital, LINE Ventures and OSK-SBI Dynamic Growth Fund, a joint fund formed by Malaysia’s OSK Ventures and Japan’s SBI Holdings, also participated in this round.

HuangPu River (HPR) Capital invested $16 million, while Aflac Ventures invested $3 million in the latest round, shows the startup’s filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

The company offers personalised insurance products and services spanning employee health benefits, individual health, motor, travel insurance and electronics protection. Its offerings include an employee benefits program for corporates, a digital brokerage for corporate clients and partners, and a digital healthcare solution that comprises telemedicine consultation and medication delivery.

Sunday’s revenues come from insurance premiums from non-life insurance licensed companies; service fees from electronics protection warranty products; and commission earned from licensed insurance brokerage companies.

The company’s total assets increased 12.5% year-on-year in the fiscal year ended December 31, 2020, to $124.44 million, according to its latest financial statement.

In an interview with DealStreetAsia last year, co-founder and CEO Cindy Kua said that the firm aims to expand its services to Indonesia.

HuangPu River (HPR) Capital is an investment firm that is focused on global high-growth companies. Based in Shanghai, the investment firm invested in many late-stage and pre-IPO companies globally.

The insurtech sector in Southeast Asia has recently seen several significant deals. In June, Indonesian insurtech startup Fuse raised a Series B round led by GGV Capital.

In March, Southeast Asian insurtech startup Qoala announced that it is expanding in Thailand, the largest consumer insurance market in Southeast Asia, by acquiring Thai peer FairDee for an undisclosed amount.

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.