Qoala, an Indonesian insurtech firm, has secured $65 million in a Series B investment headed by French investor Eurazeo and backed by MassMutual Ventures and Sequoia Capital India.
Qoala, which was founded in 2018, offers retail insurance products such as home, health, and car coverage via its omnichannel platform. Its platform is used by over 50,000 insurance marketers and 50 insurers in Indonesia, as well as Thailand, Malaysia, Singapore, and Vietnam.
The additional funds will be used to invest in technology and increase the company’s headcount to over 250 this year. Qoala also plans to provide its employees equity remuneration and the chance to buy stock in the firm.
Qoala was created by Harshet Lunani, who also serves as CEO, and Tommy Martin, who also serves as COO. In 2020, the firm secured $13.5 million in a series A investment led by Sequoia Capital. Since then, it has bought the Thai insurtech startup FairDee, signaling its entry into the industry.
According to The Industry Reports, the Southeast Asian insurance market is on track to reach total gross written premiums of US $203.6 billion this year.