Indonesia's Lifepal raises US$9m in Series A round led by Prudential-backed venture firm

INDONESIA-based insurance marketplace Lifepal has raised US$9 million in a Series A funding round led by ProBatus Capital, an early-stage tech-focused venture capital firm backed by New York-listed Prudential Financial.

Other funding participants include Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle fund.

In a press release issued Friday, Lifepal said the latest round brings its total capital raised to US$12 million. The company intends to use the fresh funds to improve its product and customer experience.

Lifepal, which claims to be Indonesia's largest insurance marketplace by traffic, said it now attracts over four million visitors per month. This comes after growing 20 per cent month-on-month to result in a 12 times year-on-year expansion with "incredibly capital-efficient unit economics", it said.

The platform offers over 300 policies across various sectors and has more than 50 insurance partners.

It was founded in 2019 by former Lazada executives Giacomo Ficari, Nicolo Robba, and tech professionals Benny Fajarai and Reza Muhammad.

"During the pandemic we experienced a strong increase in demand due to heightened awareness of health risks combined with the availability of our online platform during a time when in-person visits were avoided by most people,'' noted Mr Ficari, Lifepal's chief executive.

"We have entered the market at an exciting time: consumer behaviours are shifting online and we have the rare opportunity to continue to scale our traffic and branding to become the dominant online destination for consumers for the years to come. We look forward to partnering with our new investors that share the same long-term vision and passion for insurance and best-in-class customer experience," he added.