QOALA, an Indonesia-based insurtech, announced earlier this week it secured $13.5 million through its Series A funding round, which was led by Centauri Fund with participation from MDI Ventures, Sequoia India, Flourish Ventures, Mirae Asset Daewoo’s Mirae Asset Venture Capital and PT Mirae Asset Sekuritas Indonesia.
Founded in 2018, QOALA describes itself as a disruptive insure-tech company that leverages big data, machine learning, IoT, and blockchain aiming to revolutionize insurance landscape in Indonesia. The company reported that it partners with big companies, including e-commerce and travel platforms, to enhance their customer experience through our unique and innovative insurance products.
“With our cutting-edge technologies plus sophisticated mathematical and machine learning models, we aim to create a seamless customer experience through automatic claims, personalisation and fraud detection engine. Founded in 2018, we are a group of mathematicians and computer scientists with strong insurance and technology backgrounds, with experiences at BCG, Traveloka, and Accenture.”
While sharing details about the investment round, Tommy Martin, the co-founder of QOALA, reportedly revealed to TechInAsia that the company is planning to use the new funds to invest further into technology, its brand, and the team, which it plans to double to 300 over the next year.
QOALA previously raised $1.5 million in seed funding from Sequoia Capital India’s Surge.