Qoala completed its Series B+ funding round, raising USD 7.5 million. The round led by responsAbility Investments AG is a testament to Qoala’s omnichannel growth in the region with its presence in Indonesia, Thailand and Malaysia.
Qoala has played a pivotal role in the region’s drive for financial inclusion by providing accessible and affordable motor, property, travel, health and life policies. To date, Qoala’s customers have benefited from over USD 30 million in claims by partnering with insurers across its three markets.
The insurtech company’s emphasis on technology has shortened its go-to-market speed and improved product experience. Coupled with in-house upskilling programmes, Qoala has equipped its agents with tools to provide a wider range of product offerings to their customers, translating to an 85% y-o-y increase in average commission payout in 2022.
Since its Series B last May, Qoala has doubled its volume of gross written premiums and strengthened its market presence in the region. Its success in simplifying traditionally expensive and complicated policies for over 8 million customers has resulted in a positive contribution margin and improved economics.
This funding round was led by a responsAbility, a European investment firm, with the participation of Appworks and existing investors Eurazeo and Indogen, echoing confidence in Qoala. The company’s Series B+ funding success was on the back of its continued growth, a path to profitability and regional expansion.
“Through this Series B+ funding, we will further simplify insurance ownership by advancing our product offerings and experience. These advancements will strengthen our position as we strive for sustainable growth in the region”, said Harshet Lunani, Founder and CEO of Qoala.
“The insurtech’s growth through the pandemic indicates that its omnichannel approach can distribute insurance to parts of the population that are currently not served by incumbents or have not previously been insured at all,” said Ruzgar Barisik, on behalf of responsAbility’s financial inclusion private equity practice.
