Aditya Hadi Pratama · · 1 min readEx-Lazada execs’ insurance marketplace secures $9m funding
Lifepal, an Indonesia-based insurance marketplace, has closed a US$9 million series A funding round led by ProBatus Capital. Cathay Innovation, Insignia Ventures Partners, ATM Capital, and Hustle Fund also participated in the round.
The company will use the fresh capital, which pushes its total raised to date to US$12 million, to improve its product and customer experience.
Lifepal founders / Photo credit: Lifepal
Ex-Lazada executives Giacomo Ficari and Nicolo Robba joined forces with Benny Fajarai, the co-founder of handmade product marketplace Qlapa, as well as Reza Muhammad, the former chief technology officer of baby product marketplace Orami, to establish Lifepal in 2019.
The company currently offers more than 300 insurance products, such as health, life, automotive, property, and travel, from over 50 insurance partners. Compared to last year, its users numbers have grown 12x, the company said in a statement.
According to Munich Re Economic Research, Indonesia is one of the fastest-growing insurance markets globally, with property casualty insurance and life insurance expected to grow 7.8% and 9.2% every year. With 4 million monthly visitors, Lifepal claims to be the largest insurance marketplace in the country.
See also: 7 insights into PolicyBazaar’s prospects for profitability from its IPO filings
Editing by Miguel Cordon and Jaclyn Tiu
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