ZA Tech, the Singapore-based next-generation insurance core system software as a service (SaaS) provider, has raised $35 million in Series A funding led by EQT and rebranded as Peak3.

Peak 3 said in a statement on Wednesday that with the successful completion of its $35 million Series A fundraising from EQT and Alpha JWC Ventures, the firm now accelerates its expansion in the Europe, the Middle East and Africa (EMEA) region and investments in complementary data and artificial intelligence (AI) solutions.

To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia.

With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships.

Peak3 targets double-digit accounting rate of return (ARR) growth this year and is on the path to reach cashflow breakeven over the coming quarters.

Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding.

These transformative achievements include launching its first multi-country, multi-tenant core modernization in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology center in Europe.

The rebranding coincides with another major milestone: issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.

“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,

“Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation,” said Bill Song, Peak3 Group Chief Executive Officer and Co-Founder.

He also emphasized the growth opportunity as there is an incredible tech investment backlog in the $7 trillion global insurance industry.

“Continued digitalization and the proliferation of AI will require structural investments by insurers over the next decade to modernize their core systems,

“We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases,” he added.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance.

Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business.

It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.

“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernization projects in Asia Pacific (APAC) and EMEA,

“As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.

J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.

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