The European firm responsAbility Ventures sponsored a series B extension round in which the Indonesian insurtech company Qoala raised US $7.5 million. Along with AppWorks, previous investors Eurazeo and Indogen also took part in the round.
The startup refuses to comment on its valuation, although after the financing VentureCap Insights presently values it at US $310 million.
Qoala, a company founded in 2018 by Harshet Lunani and Tommy Martin, offers retail insurance products including house, health, and car coverage through its omnichannel platform.
Also, the company provides microinsurance solutions as a result of alliances with companies like Traveloka, Redbus, Dana, JD.ID, Shopee, Kredivo, and Investree, among others.
Qoala runs in Thailand and Malaysia in addition to Indonesia. The business claimed to have a network of 75 insurers, 60,000 brokers, and 8 million consumers.
In retail insurance, where concentration risk is smaller than in corporate insurance, the firm, according to reports from CEO Lunani, sees enormous opportunities. This is especially important in growing countries in Southeast Asia, where obtaining insurance and keeping it affordable are major obstacles.
According to Qoala, nearly $30 million in claims have so far helped its clients.
The firm presently has a positive contribution margin in Thailand and Indonesia, according to Lunani. Within the following three years, profitability is anticipated.
To join the market, Qoala purchased FairDee, a company established in Thailand, in 2021.
However, the business noted that it is currently giving unit economics the upper hand over market expansion in the near term due to the current economic climate.
“The key is to understand that people need insurance to unlock their potential,” Lunani said. “When you’re well-insured, you think more of the upside than the downside.”