Thai insurtech startup Sunday nets $11m from Quona Capital, Vertex

Thailand-based full-stack insurtech startup Sunday announced it has secured US$11 million in a series A2 funding round led by fintech venture firm Quona Capital, with participation from existing investor Vertex Ventures Southeast Asia and India.

According to a statement, the new funding will enable Sunday to expand its business and enhance its core technology, which leverages machine learning to price insurance premiums in real time.

Photo credit: Sunday

“Over the last two years, Sunday has been laser-focused on redesigning the entire insurance journey using data and technology,” said Sunday co-founder and CEO Cindy Kua.

Founded in 2017, the startup offers end-to-end insurance products and services driven by its machine learning-powered risk prediction engines. It aims to be a “one-stop insurance shop” for health care, mobile gadget, motor vehicle, and travel insurance.

“Insurance is such a vital part of how people all over the world achieve financial resilience,” says Ganesh Rengaswamy, co-founder and managing partner at Quona Capital.

Asia took up just 13% of insurance premiums while housing 43% of the world’s population in 2016, according to a report. With mobile penetration in Asia Pacific expected to grow by 75% between 2016 and 2020, insurtech could be saving the larger Asian sector US$300 billion a year by 2025, the report added.

Sunday’s series A2 fundraise follows its US$10 million series A funding round led by Vertex Ventures Southeast Asia and India in February 2019.