Qoala, an Indonesia-based insurtech company, has completed its Series B+ funding round, raising $7.5 million led by responsAbility Investments AG (responsAbility), a European investment firm.
The round also saw the participation of Appworks and existing investors Eurazeo and Indogen, Qoala said in a statement on Tuesday.
According to the statement, the funding will further boost Qoala’s product and geographic expansion, with a focus on addressing the challenges of insurance accessibility and affordability in emerging markets in Southeast Asia.
“We are thrilled and grateful to our investors for believing in us and our mission despite the current economic climate. Through this Series B+ funding, we will further simplify insurance ownership by advancing our product offerings and experience,
“These advancements will strengthen our position as we strive for sustainable growth in the region”, said Harshet Lunani, Founder and Chief Executive Officer of Qoala.
Qoala is an insurance technology (insurtech) company with a mission to democratise insurance through an omnichannel presence and new product development.
The firm operates in three countries; Indonesia, Malaysia, and Thailand offering various insurance and takaful protections ranging from cars, motorcycles, property, personal accidents, travel, and health that can be accessed through the Qoala application or website.
To date, Qoala’s customers have benefited from over $30 million in claims by partnering with insurers across its three markets.
The insurtech company’s emphasis on technology has shortened its go-to-market speed and improved product experience.
Coupled with in-house upskilling programs, Qoala has equipped its agents with tools to provide a wider range of product offerings to their customers, translating to an 85 percent year on year increase in average commission payout in 2022.
Since its Series B funding raised last May, Qoala has doubled its volume of gross written premiums and strengthened its market presence in the region.
Its success in simplifying traditionally expensive and complicated policies for over 8 million customers has resulted in a positive contribution margin and improved economics.
The company’s Series B+ funding success was also on the back of its continued growth, a path to profitability and regional expansion.
“Qoala’s commitment to improving lives through financial inclusion aligns with our impact strategies. The insurtech’s growth through the pandemic indicates that its omnichannel approach can distribute insurance to parts of the population that are currently not served by incumbents or have not previously been insured at all,
“We are excited to join Qoala’s journey of democratizing affordable insurance in Southeast Asia.” said Ruzgar Barisik, on behalf of responsAbility’s financial inclusion private equity practice.
According to the statement, access to insurance has been a key element in promoting financial inclusion as it contributes to a country’s balanced and sustainable economic growth and development.
Qoala also directly contributes to the economy by providing more than 60,000 agents job opportunities, and additional revenue streams to more than 65 businesses.
Besides impacting the economy with job creation, Qoala empowers the public with financial literacy across various offline and online platforms.
Indonesia’s Qoala raises $65M Series B funding led by Eurazeo