Qoala Announces 113 Billion Rupiah Additional Series B Funding [UPDATED]

*28/3/2023: We updated the funding amount information according to the release published by Qoala

Startups insurtech Qoala announced that it has completed an additional $7,5 million (over 112 billion Rupiah) in Series B funding. The new investors in this round are Responability and AppWorks. A number of previous investors also participated, including Eurazeo and Indogen.

When totaled with Series B funding in May 2022 yesterday was $65 million, so Qoala's total revenue for this round was $72,4 million (over 1,09 trillion Rupiah). This round was joined by previous Qoala investors, such as Flourish Ventures, KB Investment, MDI Ventures, SeedPlus, and Sequoia Capital India. Several new investors also joined, including BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures.

"Just like yesterday's Series B, we want to use the funds to support technology development so that insurance services can be better," said Co-founder & Deputy CEO of Qoala Tommy Martin. DailySocial.id, Wednesday (18/1).

Qoala Achievements

This startup, which was initiated in 2018, positions itself as platform insurtech for retail. Qoala offers two products, namely Qoala Plus (agency) and Qoala for Enterprise (B2B and B2B2C).

Qoala believes it can solve a major problem for insurance marketers and consumers through the speed of policy issuance, instant pricing, and instant commissions to insurance marketers. This innovation is also considered to be able to enable Qoala to acquire consumers at lower costs and achieve superior economic units.

This convenience helps marketers, or so-called Qoala Plus Partners, get unlimited and instant income with time freedom. A variety of insurance products belonging to Qoala Plus that suit people's current needs and lifestyle, such as life insurance, health, valuable assets such as cars and property, as well as lifestyle insurance such as travel and others; automatically provides an opportunity for marketers to earn more income.

In a recent company presentation, Qoala Plus claimed to have recorded more than 10-fold growth since its inception in 2019. Over the past year, Qoala Plus has captured more than 60,000 marketers with more than 20 operational cities throughout Indonesia and plans to unlock more in the future.

Qoala Plus offers 34 different types of insurance products according to the needs of the community and has assisted as many as 115.000 policy claim processes. Insurance company partners that have been embraced, starting from Zurich Insurance, Great Eastern Life Indonesia, KB Insurance, MAG Insurance, Sinar Mas Insurance, Tugu Insurance.

For the record, in operating Qoala Plus, the company partners with PT Mitra Jasa Pratama. According to Mitra Jasa's website, Tommy Martin is the Chief Commissioner, indicating that the brokerage firm is affiliated with Qoala. Although, no official statement has been disclosed regarding this from Qoala.