Qoala, a Jakarta, Indonesia-based omnichannel insurtech company, closed its USD47m Series C funding.
The round was led by PayPal Ventures and MassMutual Ventures, with participation from MUFG InnovationPartners, Ohana Holdings and existing investors Flourish Ventures, Eurazeo and AppWorks.
The company intends to use the funds to intensify its tech-driven initiatives, integrate artificial intelligence across all channels, and elevate the experience of customers, agents, and partners.
Led by CEO and Founder Harshet Lunani, Qoala provides an agent platform to improve insurance accessibility and claim resolution for Indonesians. In 2023 alone, it processed over 115,000 claims and reached 45,000 new customers. Its diverse product portfolio and motivated 60,000+ marketers network further contribute to safeguarding its customers’ financial well-being.
Commenting on the news, Harshet Lunani said: “Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission. Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”
With the latest investment, Qoala’s total capital raised to date surpasses $130M.
FinSMEs
18/04/2024