Indonesian insurtech startup Qoala has garnered an investment of $65m in its Series B funding round led by French investment group Eurazeo.
The round was joined by several existing investors of the company including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India.
It also saw participation from new investors such as BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures.
Tara Reeves of Eurazeo said: “Qoala stands out amongst the insurtech companies due to its diverse team which has been able to deliver rapid growth with promising unit economics despite the pandemic. With regional presence and fast growth forecasted for the region, we are excited to lead this round and join Qoala in its journey.”
The Indonesian startup, which has grown 30 times since the Series A round in April 2020, distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform.
To accelerate growth, the company also forayed into Thailand and Malaysia markets last year.
Qoala co-founder and COO Tommy Martin said: “Qoala is the only insurtech with licenses in three markets in SEA and with this new round we are optimistic in sustaining our growth momentum.
“Our business in Thailand has also already grown by three times since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability.”
Qoala also revealed plans to hire more than 250 people this year for an engineering and product management hub in Gurugram, India.
Qoala founder and CEO Harshet Lunani said: “We will continue to invest towards scaling up Qoala’s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant.”