Insurtech startup Qoala secures US$47 million in Series C funding

INDONESIA-based insurtech startup Qoala has closed a US$47 million Series C round led by PayPal Ventures, the corporate venture arm of PayPal; and MassMutual Ventures, the venture capital unit of US insurance group MassMutual.

MUFG Innovation Partners and Ohana Holdings also participated in the round alongside existing investors Flourish Ventures, Eurazeo and AppWorks. 

The latest investment brings Qoala’s total capital raised to more than US$130 million, said the company on Wednesday (Mar 27). 

It intends to use the fresh funding to further the company’s use of generative artificial intelligence, so as to significantly enhance customer experience and operational efficiency. 

The company also plans to develop tools for its insurance partners to advance their capabilities in underwriting, claims processing and fraud detection. 

Founded in 2018, Qoala offers insurance solutions across Indonesia, Malaysia, Thailand and Vietnam through its mobile application and website. It is said to have processed over 115,000 claims and reached 45,000 new customers in 2023 alone.

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Since its Series B round in 2022, the company said its overall gross written premiums have grown 2.5 times, which it attributes to a growing pool of diversified business partners. 

The company added that its profitability metrics have continued to trend upwards, outpacing gross written premium growth. 

Alexandros Bottenbruch, principal at PayPal Ventures, said: “By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across South-east Asia with much-needed tools to address the persistent protection gap.”

Qoala chief executive and founder Harshet Lunani added: “Our mission to democratise insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”