Qoala raises $47 million

Indonesian insurance startup Qoala has raised $47 million in a funding round co-led by PayPal Ventures and MassMutual Ventures, with participation from MUFG Innovation Partners, Ohana Holdings, Flourish Ventures, Eurazeo and AppWorks.

Founded in 2018, Qoala offers a variety of insurance products from different insurers. The startup distributes its products through marketers and e-commerce companies, and consumers also have the option to buy directly from Qoala’s website and app.

“Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission. Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.” – Harshet Lunani, Founder and CEO of Qoala.

“It is commendable to see what Qoala has achieved in a short period of time. By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap.” – Alexandros Bottenbruch, Principal, PayPal Ventures.

“We have been extremely impressed by Qoala’s remarkable growth since our first investment in 2019. The team’s consistent hard work and high- performance are evident in their market-leading position. We are proud to continue our support as they continue to redefine industry standards and promote financial inclusion in the region.” – Ryan Collins, Managing Partner of MassMutual Ventures.