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Aditya Hadi Pratama · · 1 min readEast Ventures Growth, GGV join series B round of Indonesian insurtech firm
This is the latest version of the article that was previously published on August 9, 2021.
Fuse, an Indonesia-based insurtech company, announced it has raised an undisclosed amount of funding.
More funding details
- Lead investor: GGV Capital
- Other investor: CE Innovation Capital (CEIC), Saratoga, and Alibaba-backed eWTP Technology and Investment Fund
- Existing investor: East Ventures Growth, SMDV, Golden Gate Ventures, Heyokha Brothers, and Emtek
- Stage: Series B
More company updates
- The round marks GGV Capital’s first investment in an insurtech company in Southeast Asia.
- Fuse, which currently has operations in Indonesia and Vietnam in the region, will use the fresh funds on product development and expansion into Thailand and the Philippines.
- The company says that its total gross written premium (GWP) in 2020 has exceeded US$50 million, making it the largest insurtech company in Indonesia. The number, the company claims, has increased more than 3x compared to the previous year.
- Andy Yeung, the company’s chief executive, told Tech in Asia that 15% to 40% of its GWP can be turned into revenue, depending on the insurance products.
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Fuse has entered partnerships with over 30 insurance companies to offer more than 300 insurance products directly to end consumer or through its agents. It currently has over 60,000 agents on its platform.
- The company has more than 460 employees across Indonesia, Vietnam, and China. Most of them are working in sales and marketing-related positions.
For more coverage of the company, head here. You can also click on the link below to view key details about the company as well as its funding history.
Editing by Collin Furtado and Jaclyn Tiu
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