Sunday, a Thailand-based insurtech startup, has reportedly raised $9 million through its Series B bridge investment round. According to KrAsia, the investment round was led by SCB 10X, the venture capital arm of the Siam Commercial Bank PCL (SCB), with participation from Vertex Ventures Southeast Asia and India, US-based Quona Capital, and LINE Ventures.
As previously reported, Sunday is a fully-integrated sales and services InsurTech that uses artificial intelligence and digital platforms to offer personalized insurance products and services that suits all types of individual and business risks.
“Policies use unclear language, claims systems are flawed and fraud is driving up costs and premiums. Customers keep buying products they don’t really need or understand. Control-Alt-Del. We just rebooted insurance by developing technology that helps us better understand our customers. This means we can create completely new types of products that are always better value. For example, you pay only for what you use with our ‘Weekend Car Insurance’ policy, and not for all those days when you’re not behind the wheel.”
Sunday Co-Founder and CEO, Cindy Kua, spoke about the investment round by revealing in a statement:
“In times of great uncertainty, consumer demand will shift towards affordable core insurance products that truly help with risk management. As a team, we believe Sunday is uniquely positioned to deliver one-stop personalized insurance coverages and services that meet these evolving risks and growing demands from businesses and individuals in Southeast Asia.”
The company previously raised $10 million from Vertex Ventures Southeast Asia and $11 million from Quona Capital.