Overview

• InsurTech Qoala raises $47 million in a Series C funding round led by PayPal Ventures and MassMutual Ventures, aiming to expand its embedded insurance business across Southeast Asia.
• The funding will support Qoala's tech-driven initiatives, including the integration of artificial intelligence to enhance customer, agent, and partner experiences.
• Qoala, founded in 2018, offers a variety of insurance products through its website, app, and a network of over 60,000 agents, addressing the low insurance penetration rate in Indonesia.
• The startup plans to use the funds for strategic acquisitions and partnerships, and to explore new products and channels for its agent platform.
• Qoala's recent growth includes processing over 115,000 claims, reaching 45,000 new customers, and a 2.5 times surge in gross written premiums since 2022.