Sequoia backs $65m round of Indonesian insurtech firm
Sequoia backs $65m round of Indonesian insurtech firm
Indonesian insurtech startup Qoala has raised US$65 million in a series B round led by France-based investor Eurazeo and joined by MassMutual Ventures and Sequoia Capital India.

Established in 2018, Qoala distributes retail insurance products that include home, health, and vehicle coverage through its omnichannel platform. Besides Indonesia, it’s also present in Thailand, Malaysia, Singapore, and Vietnam, with more than 50,000 insurance marketers and 50 insurers onboard its platform.

The company plans to use the new capital to invest in tech and grow its head count to over 250 this year. Qoala also looks to grant equity compensation to its employees and give them the right to acquire shares in the company.

Qoala’s latest raise comes as Southeast Asia’s insurance market is poised to hit total gross written premiums of US$203.6 billion, according to data from The Market Reports.

Source: Tech In Asia

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