Centauri Fund, the joint venture between financial services firm Kookmin Bank and telecommunications company Telkom Indonesia, has led a $13.5m series A round for Indonesia-based insurance startup Qoala, TechCrunch reported yesterday.
Kookmin also took part through subsidiary Kookmin Bank Investments while insurance firm Massachusetts Mutual Life, financial services firm Bank Central Asia and telecoms firm Telkom Group invested through MassMutual Ventures Southeast Asia, MDI Ventures and Central Capital Ventura.
Sequoia India, Flourish Ventures, Mirae Asset Venture Investment, Mirae Asset Sekuritas and SeedPlus filled out the round, which boosted the company’s funding to $16.5m since it was founded in 2018, according to TechCrunch.
Qoala runs an online platform that enables users to buy cover for small-scale and specific circumstances such as phone damage, e-commerce delivery and hotel room quality. Users can claim by uploading photos to their mobile device.
The company provides the policies through insurance partners such as Axa Mandiri, Tokio Marine and Great Eastern, and has partnerships in place with e-commerce portals including D.ID, Shopee and Tokopedia.
Sequoia India’s Surge fund had previously invested $1.5m in Qoala, with the rest of the seed capital coming from MassMutual Ventures SEA, MDI Ventures, Central Capital Ventura, SeedPlus, Golden Gate Ventures and Genesia Ventures, in May 2019.
