Thai insurtech firm eyes Philippine entry with $42m raise

Photo credit: Roojai

Insurtech continues to draw investors to Southeast Asia. Thailand-based Roojai announced that it has raised another US$42 million in capital to double down on offering insurance products across the country and Indonesia.

Launched in 2016, Roojai initially offered motor insurance but later expanded to health and accident coverage.

Roojai said that through a mobile-first approach, it has achieved consistent year-on-year growth, with its premium income in Thailand jumping by 25% to US$38 million in 2022.

The startup will receive US$32 million of the fresh funding via direct injection while the rest will be done through a secondary share transaction.

Before this round, Roojai raised US$7 million from International Finance Corporation (IFC), a member of the World Bank Group, in 2018.

Funding details

• Funding amount: $42,000,000
• Lead investors: HDI International
• Other investors: IFC
• Stage: Series B
• Source

The company expanded to Indonesia in early 2022 and is eyeing the Philippines as its next Southeast Asian market.

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