[FUNDING NEWS] Peak3 (formerly ZA Tech) Raises US$35M Series A Funding from EQT and Alpha JWC

ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

With the funds, Peak3 will expand its EMEA operations, forge new alliances with system integrators, and enhance its analytics and AI skills toward an intelligent core insurance solution. Peak3 plans to raise its ARR by double digits this year and will break even financially in the next few quarters.

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“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “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.”  

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

Peak3 was established in 2018 and has since grown to be a reliable technology partner for major international insurers doing business both online and offline, including AIA, Generali, Prudential, and Zurich. In addition, it has collaborated with top digital platforms including PayPay, Carro, Grab, and Klook to develop and expand their embedded insurance businesses.

“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in 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. 

About Peak3

Peak3 was founded by specialists in digital, insurance, and technology, and it powers the digital operating system of the international insurance sector. To provide insurers, MGAs, and insurance intermediaries with a step change in performance, they integrate state-of-the-art technologies in distribution channels, artificial intelligence, and insurance core systems.