International Finance

Indonesian insurtech PasarPolis secures $54mn in Series B funding

PasarPolis funding_IFM_Image
Investors such as LeapFrog Investments, SBI Investment, and Xiaomi participated in the funding round

Indonesia-based insurtech startup PasarPolis has secured around $54 million in its Series B funding round, the media reported.

Investors that participated in the funding round for PasarPolis include LeapFrog Investments, SBI Investment, AlphaJWC, Intudo Ventures and Xiaomi, in addition to its existing Series A investors.

Its list of existing investors include VC firm East Ventures and Indonesian unicorns Gojek, Tokopedia, and Traveloka.

According to PasarPolis, its latest funding round is the largest for an insurtech firm in the region.

PasarPolis founder and chief executive officer Cleosent Randing told the media, “PasarPolis has become the bridge for the uninsured toward insurance protection. We believe that by working with these globally renowned investors, we will be able to accelerate the penetration of insurance in the region by further expanding access to fast and inclusive affordable insurance plans.”

“Through this funding, we will continue this mission in Indonesia, Thailand, and Vietnam. As we move forward into a more digital world, the presence of insurtech has become an essential aspect of the industry. The Covid-19 pandemic has increased awareness and demand of insurance, but consumers’ online purchasing lifestyle has resulted in insurtech becoming indispensable.”

Earlier this year, the insurtech startup launched GoSure in partnership with Indonesian ride-hailing giant Gojek.

Last year, the startup claimed it issued 650 million policies to first-time insurance purchasing consumers, ride-hailing drivers, delivery couriers and online small and medium-sized enterprises (SMEs).

Established in 2015, PasarPolis started as an online insurance marketplace and raised its seed funding in 2017. Reportedly, it has partnered with over 30 insurance companies in Southeast Asia.

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