Indonesia-based insurtech startup Qoala has secured around $13.5 million in a funding round despite the coronavirus pandemic, which has pushed the global economy into recession, the media reported.
The funding round for Qoala was led by Centauri Fund – a JV between South Korea’s Kookmin Bank and Telkom Indonesia. New investors in the round included Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment, and Mirae Asset Sekuritas.
Existing investors such as MassMutual Ventures Southeast Asia, MDI Ventures, Surge, SeedPlus, and Bank Central Asia’s Central Capital Ventura also participated in the funding round for Qoala.
Reportedly, the startup wants to double its workforce to 300 by next year. Tommy Martin, the co-founder of Qoala, revealed that the startup will use the new funds to invest further into technology.
Harshet Lunani, Founder and chief executive at Qoala told the media, “As a relatively new entrant in the space we are delighted to partner with leading global investors whose thought leadership as well as operational experience will allow us to maintain our innovative edge. This truly demonstrates the ecosystem’s belief in what Qoala is trying to achieve – humanising insurance and making it accessible and affordable to all.”
Qoala, which is headquartered in Jakarta, wants to leverage technology and make the process of insurance claim as smooth as ordering food online.
Qoala primarily works with platform partners to drive insurance awareness in Indonesia and digitalises traditional offline insurance channels. The startup claims, currently it processes over 2 million policies per month compared to 7,000 policies in March 2019.