Qoala believes in order to redefine insurance, it takes all stakeholders to be involved. In its Series C investment round, which is led by US-based insurer MassMutual and PayPal Ventures, the corporate venturing arm of payments giant PayPal, the Indonesian insurtech platform Qoala has revealed raising a total of $47 million.
Ohana Holdings, MUFG Innovation Partners, and current investors Flourish Ventures, Eurazeo, and AppWorks also supported the investment round.
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It had received further capital through convertible notes that converted into Series C shares from PayPal Ventures, MassMutual, and other investors. According to it’s December filings with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore, PayPal is lending $15 million to it, while MassMutual is subscribing to notes valued at $10 million.
About a year has passed since it’s $7.5 million Series B+ round was concluded. Now, the Series C investment has closed. In a Series B financing headed by Eurazeo in May 2022, it had previously raised $65 million. With this latest investment, Qoala has raised more than $130 million in total. In 2018, Harshet Lunani, the creator and former CEO of Kelola, a digital investing platform, and Tommy Martin, a former employee of Traveloka and PT Mitra Jasa Pratama, created Qoala.
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It specializes on retail insurance, which covers houses, vehicles, health, and bikes. Additionally, it provides insurance products via digital marketplaces like Kredivo, Shopee, Traveloka, DANA, Redbus, and JD.ID.
As stated in the statement, Qoala plans to use the additional funding to grow its company in embedded insurance (B2B2C) throughout Southeast Asia. Among other things, the corporation wants to incorporate artificial intelligence into all of its channels.
“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,” said Lunani.
About Qoala
Qoala is an omnichannel insuretech company, with a purpose to democratize, empower and redefine insurance for customers. Qoala believes in order to redefine insurance, it takes all stakeholders to be involved.
