Indonesia-based online insurance policy aggregator PasarPolis completed a $54m series B round yesterday co-led by consumer electronics manufacturer Xiaomi and SBI Investment, a venture capital vehicle for financial services provider SBI.
Fintech and healthcare-focused investment firm LeapFrog Investments also co-led the oversubscribed round, which included VC firms Alpha JWC Ventures and Intudo Ventures.
Existing investors including Go-Ventures, ride hailing service Gojek’s corporate venturing unit, also contributed to the round according to e27.
Founded in 2015, PasarPolis operates an online platform that allows users to compare a range of policies according to their individual requirements.
The platform is equipped with artificial intelligence technology and specialises in travel insurance and micro-insurance policies covering areas like ride hailing. The company intends to utilise big data in devising specialist micro-policies tailored for specific uses.
PasarPolis had raised between $5m and $8m in a June 2018 series A round according to DealStreetAsia, which reported two months later that its investors were Gojek, travel services firm Traveloka and e-commerce marketplace Tokopedia.
Cleosent Randing, founder and chief executive, said: “Through this funding, we will continue this mission in Indonesia, Thailand and Vietnam. As we move forward into a more digital world, the presence of insurtech has become an essential aspect of the industry.
“The Covid-19 pandemic has increased awareness and demand of insurance, but consumers’ online purchasing lifestyle has resulted in insurtech becoming indispensable.
