Sequoia backs $65m round of Indonesian insurtech firm

Indonesian insurtech startup Qoala has raised US$65 million in a series B round led by France-based investor Eurazeo and joined by MassMutual Ventures and Sequoia Capital India. 

Established in 2018, Qoala distributes retail insurance products that include home, health, and vehicle coverage through its omnichannel platform. Besides Indonesia, it’s also present in Thailand, Malaysia, Singapore, and Vietnam, with more than 50,000 insurance marketers and 50 insurers onboard its platform.

It also provides micro-insurance products through partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo, and Investree among others.

The company plans to use the new capital to invest in tech and grow its head count to over 250 this year. Qoala also looks to grant equity compensation to its employees and give them the right to acquire shares in the company.

Qoala was founded by Harshet Lunani, who acts as the firm’s CEO, and Tommy Martin, who also serves as chief operating officer. The company last raised funds in a US$13.5 million Sequoia-backed series A round in 2020. Since then, it has acquired insurtech firm FairDee in Thailand, marking its expansion into the market.

Qoala’s latest raise comes as Southeast Asia’s insurance market is poised to hit total gross written premiums of US$203.6 billion, according to data from The Market Reports.

See Also: How Indonesian insurtech is changing the game

Other investors in the round include:

• Flourish Ventures
• KB Investment
• MDI Ventures
• SeedPlus
• BRI Ventures
• Daiwa PI Partners
• Indogen Capital
• Mandiri Capital Indonesia
• Salt Ventures