In becoming Southeast Asia’s fastest growing insurtech, with licences across Indonesia, Malaysia and Thailand, Qoala has recently raised $65m in series B funding, led by Eurazeo with participation from several existing investors including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India. In addition, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures also joined the investment round as new investors. Only established four years ago, Qoala distributes retail insurance products, including home, health and vehicle coverage, as well as providing micro-insurance products through an expanding range of partnerships.
Co-founder of peer-to-peer car sharing app Turo, Tara Reeves, now Managing Director of Eurazeo, who led this round and previously funded WeFox, added, “Qoala stands out amongst the insurtech companies due to its diverse team which has been able to deliver rapid growth with promising unit economics despite the pandemic. With regional presence and fast growth forecasted for the region, we are excited to lead this round and join Qoala in its journey.”
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