Indonesia’s digital direct-to-consumer (D2C) marketplace Lifepal recently received $9 million from a Series A funding led by ProBatus capital and will use the money to improve its product and customer experience, according to media reports. Other participants in the funding round include Cathay Innovation, Insignia Ventures Partners, ATM Capital, and Hustle Fund. The latest round of funding brings the company’s total capital raised $12 billion to date
Lifepal was founded in 2019 by former Lazada executives Giacomo Ficari and Nicolo Robba, along with Benny Fajari, who co-founded the handmade product marketplace Qlapa, along with Reza Muhammad, the former chief technology officer of baby product marketplace Orami.
At present, the company offers more than 300 insurance products, such as health, life, automotive, property, and travel, from over 50 insurance partners. The company also released a statement saying since last year, its users have grown at least 12 times.
Currently, the marketplace offers 300 policies for life, health, automotive, property and travel coverage. The company claims that it is one of the largest marketplaces in Indonesia by traffic, with 4 million monthly visitors and 1 million combined social media followers.
Ramneek Gupta, founder and managing partner of ProBatus Capital, told the media, “We invested in Lifepal because of its potential to change the way Indonesian consumers buy insurance. Finally, their contact centre model allows consumers to engage with live agents to address potential questions and aids in payments and claims processing. We believe that this three-pronged approach, tailored specifically to the needs of the Indonesian market is driving impressive growth that Lifepal has demonstrated since its launch in 2019.”