Thailand-based digital insurance platform Sunday has raised $9 million in a pre-series B bridge round led by SCB 10X, the venture capital arm of the Siam Commercial Bank (SCB), according to an announcement.
Existing investors including Vertex Ventures Southeast Asia and India, Quona Capital, and new investor LINE Ventures also participated in this funding round.
Sunday had raised $11 million in an extension-Series A funding round led by Quona Capital last year. In February 2019, the company had raised $10 million led by Vertex Ventures SEA and India.
The proceeds will be used to deploy new capital to support Sunday’s rapid growth plans in Thailand and Indonesia while deepening its proprietary employee benefits platform and superapp Sunday Service.
Established in 2017, Sunday is a fully-integrated sales and services insurtech company that uses artificial intelligence and digital platforms to offer personalised insurance products and services that suit all types of individual and business risks.
The company claims that it is the first Southeast Asia insurtech startup with an underwriting licence within their group. It has scaled its health, motor, and electronics device protection book through its direct B2B channel and B2B2C partners. The firm has steadily grown since launch and is on track to achieving 100% revenue growth, it claims.
“SCB 10X is proud to be part of Sunday’s journey in Thailand and Southeast Asia, which has more than 360 million internet users, who are the most engaged users in the world. This makes it an attractive market for insurtech companies to offer online personalised products…In SCB 10X’s perspective, owning the insurance value chain end-to-end is a unique differentiating factor for Sunday among InsurTech companies,” said Mukaya (Tai) Panich, SCB 10X’s chief venture and investment officer.
SCB 10X, which started three years ago under the name Digital Venture VC, calls itself the first Venture Builder in Thailand. It has built a multi-pronged strategy based on three pillars — Investing, Building, and Partnering — for which it has created dedicated in-house teams.
DealStreetAsia recently reported that SCB 10X is looking to ramp up investments in sectors that are poised to benefit from the new normal. This includes five themes: digital payments, remote work, digital lifestyle, healthtech, and AI and robotics.
Vertex Ventures Southeast Asia and India invests in high-growth startups seeking their first round of institutional venture capital funding, with a primary focus on Singapore, India, Indonesia, Thailand and other emerging hubs of innovation across the region.
Vertex Ventures closed its oversubscribed $305-million fourth Southeast Asia and India fund in September last year. The fund is backed by LPs including sovereign wealth funds, financial institutions, corporates and family offices from Asia and Europe.
Quona Capital is a scale-up-stage venture firm focused on fintech for inclusion in emerging markets. The firm has supported more than 30 financial technology companies across Latin America, South and Southeast Asia, and Sub-Saharan Africa.