The round was co-led by renowned investors PayPal Ventures and MassMutual Ventures, with additional participation from MUFG Innovation Partners, Ohana Holdings, Flourish Ventures, Eurazeo, and AppWorks.

Established in 2018, Qoala has swiftly made a mark in the insurance sector by offering a diverse range of insurance products sourced from various insurers. The startup has adopted an innovative distribution model, collaborating with marketers and e-commerce platforms to reach a broad customer base. Moreover, consumers have the convenience of purchasing insurance directly through Qoala’s user-friendly website and mobile application.

The substantial investment marks a significant milestone for Qoala, providing the company with ample resources to further expand its product offerings, enhance technological capabilities, and strengthen its market presence both domestically and internationally. The funding round underscores investor confidence in Qoala’s business model and its potential to revolutionise the insurance industry in Indonesia and beyond.

Harshet Lunani, Founder and CEO of Qoala, 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 democratise insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”

Alexandros Bottenbruch, Principal, PayPal Ventures also commented, saying: “It is commendable to see what Qoala has achieved in a short period of time. By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap.” 

“We have been extremely impressed by Qoala’s remarkable growth since our first investment in 2019,” said Ryan Collins, Managing Partner of MassMutual Ventures.

He added: “The team’s consistent hard work and high- performance are evident in their market-leading position. We are proud to continue our support as they continue to redefine industry standards and promote financial inclusion in the region.”