Qoala has secured US$47 million, approximately Rp746 billion, in Series C funding. The funds are earmarked for expanding the company's insurance business across Southeast Asia.
Additionally, Qoala plans to utilize the funding for various technology-based initiatives, integrating artificial intelligence (AI) into various channels, and enhancing the quality of customer, agent, and partner experiences.
The company also aims to explore new products and channels for agents, accelerate growth through strategic acquisitions, and partnerships in all verticals.
Regarding this funding round, Qoala's Founder and CEO, Harshet Lunani, explained that it signals market confidence in their company. He also promised that they would innovate and have a positive impact on society.
"Thanks to the strong dedication of our incredible team and the trust given by our investors, this Series C funding further demonstrates market confidence in our strategy and mission," said Harshet, in his statement, quoted on Thursday (March 28, 2024).
The Series C funding obtained by Qoala was led by Paypal Ventures and Massmutual Ventures. MUFG Innovation Partners, Ohana Holdings, and previous investors, Flourish Ventures, Eurazeo, and Appworks, also participated in this round.
Qoala has recorded a total premium increase of 2.5 times since its Series B funding two years ago. The company also claims to manage 60 percent of total claims internally to date.
Throughout 2023, Qoala processed over 115 thousand claims and reached 45 thousand new customers.