Insurtech Qoala raised $47 M Series C funding from PayPal Ventures, MassMutual Ventures
The $47 million Series C funding round for Indonesian omnichannel insurtech Qoala was completed, the company announced on Thursday.
In a statement, Qoala said that PayPal Ventures and MassMutual Ventures led the funding round together.
MUFG Innovation Partners, Ohana Holdings, and Flourish Ventures, Eurazeo, and AppWorks—previous investors—joined the round.
As per the statement, the company can broaden its business of embedded insurance (B2B2C) throughout Southeast Asia with the help of the Series C funding.
Along with enhancing Qoala’s ability to enhance customer, agent, and partner experiences, the investment will enable the company to step up its tech-driven initiatives and seamlessly integrate artificial intelligence across all channels.
In addition, Qoala will use the money to investigate new goods and distribution avenues for its agent platform. It will also use it to accelerate its expansion by investigating well-timed partnerships and acquisitions in every industry.
The company’s dominant market position in the area will be strengthened by this multifaceted strategy.
It should be noted that by expanding the company’s application of generative artificial intelligence (AI), this funding will be used to greatly improve agent experiences and operational efficiency.
With this investment, Qoala will be able to further develop and enhance its well-established InsurTech platform, keeping it at the cutting edge of technology and cutting down on time-to-market.
To further demonstrate its dedication to innovation and quality in the market, Qoala is also committed to creating tools that help its insurance partners enhance their capacity for fraud detection, claims processing, and underwriting.
With this latest investment, Qoala has raised more money than $130 million in total.
With this round, the impressive list of current investors that has already invested includes: MDI Ventures; SeedPlus; Daiwa Capital; Indogen Capital; Mandiri Capital; Salt Ventures; Kookmin Bank Investment; and Peak XV Partners (formerly Sequoia Capital India).
“Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission,
“Our mission to democratize 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 Harshet Lunani, Founder and Chief Executive Officer of Qoala.
