Omnichannel InsurTech firm, Qoala, has successfully completed its Series C funding round, amassing $47m.
This significant financial milestone was led by PayPal Ventures alongside MassMutual Ventures, with contributions from MUFG Innovation Partners, Ohana Holdings, and previous backers including Flourish Ventures, Eurazeo, and AppWorks.
At its core, Qoala is committed to disrupting the traditional insurance landscape by deploying an embedded insurance business model (B2B2C) across Southeast Asia. The company leverages cutting-edge technology, such as artificial intelligence, to streamline operations across all customer interaction points. This technological infusion aims at not just enhancing the user experience but also at boosting operational efficiency for agents and partners alike. The ultimate goal is to cement Qoala’s position as a market leader by offering innovative products and services that cater to the evolving needs of consumers in the region.
The influx of Series C funds is earmarked for multiple strategic initiatives. Primarily, Qoala intends to broaden its product range and distribution channels, particularly through its agent platform. Moreover, the company is eyeing strategic acquisitions and partnerships that promise to accelerate its growth trajectory. This multifaceted approach is expected to solidify Qoala’s market dominance while also fostering a more inclusive insurance ecosystem.
Additional context from the press release reveals Qoala’s remarkable trajectory of growth, characterized by a 2.5x increase in gross written premiums since its Series B round in 2022. The company has made significant strides in claim processing efficiency and customer satisfaction, a testament to its innovative business model and robust partner network.
Qoala’s founder and CEO, Harshet Lunani, expressed gratitude towards the team and investors, emphasizing the funding round as a testament to the confidence in Qoala’s mission and strategy. “Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission. Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”
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