InsurTech Sunday has raised $9m to expand its services in Thailand

Thai InsurTech startup Sunday has raised $9m in a pre-Series B round led by SCB 10X, the venture capital arm of the Siam Commercial Bank.

Vertex Ventures, Quona Capital and Line Ventures also participated in the round, Morning Tick reported.

The startup will use the new cash injection to strengthen its grip of its home market in Thailand as well as beginning its expansion into Indonesia as well as further develop its app.

In terms of investment, Sunday most recently received $11m in an investment deal led by Quona Capital, the venture capital firm, in December 2019.

Before that, it had netted a $10m Series A round in January last year.

“SCB 10X is proud to be a part of Sunday’s journey in Thailand,” said Mukaya Panich, chief venture and investment officer at SCB 10X, in a statement seen by Morning Tick. “In our perspective, owning the insurance value chain end-to-end is a unique differentiating factor for Sunday among insurtech companies.”

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