
Investments
24Portfolio Exits
2Funds
1
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Latest SeedPlus News
May 13, 2022
Qoala raised US$ 65 million in Series B funding led by Eurazeo with participation from several existing investors including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India. In addition, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures also joined the investment round as new investors Entering 2022, Indonesian insurtech startup Qoala, has successfully raised Series B funding of US$ 65 million. The company distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform. Based in Indonesia, the platform has successfully expanded to Thailand and Malaysia in 2021, strengthening Qoala’s commitment to make makes insurance accessible, easy to understand, and help consumers better with their claims. Having grown 30 times since the Series A round in April 2020, Qoala is the fastest growing insurtech in SEA. Qoala has acquired over 50,000 insurance marketers and provides a platform supported by over 50 insurers for them to sell insurance from multiple insurers, while managing pre-sale and post-sale services. It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others. Qoala focuses on “retail insurance” which involves insurance for cars, bikes, homes, and health. “Qoala is the only insurtech with licenses in three markets in SEA and with this new round we are optimistic in sustaining our growth momentum. Our business in Thailand has also already grown by three times since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability,” added Tommy Martin , Co-founder and COO of Qoala. Tara Reeves of Eurazeo, a European investment firm who led this round and previously funded WeFox, the largest insurtech in the world added, “Qoala stands out amongst the insurtech companies due to its diverse team which has been able to deliver rapid growth with promising unit economics despite the pandemic. With regional presence and fast growth forecasted for the region, we are excited to lead this round and join Qoala in its journey.” Qoala sets itself apart through a superior tech stack. This enables them to offer industry-leading speed in policy issuance, instant pricing as well as an industry first – instant commissions to insurance marketers. These innovations not only solve very key issues for insurance marketers and consumers but also allow Qoala to acquire and service consumers at a lower cost, leading to superior unit economics. Global insurers like Sompo, AXA, and Chubb have also joined Qoala’s platform due to their focus on retail customers so they can fasten insurance adoption while maintaining healthy loss ratios. The funding also demonstrates appreciation and trust from both Qoala’s existing and new investors to continue its growth in the insurtech sector. “We will continue to invest towards scaling up Qoala’s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant,” said Harshet Lunani , Founder and CEO of Qoala. Furthermore, Qoala aims to add over 250 employees this year focus on building out an engineering and product management hub in Gurugram, India. In parallel, Qoala also plans to grant employees with equity compensation and give them the right to acquire shares in the company to strengthen employee ownership in the company. “Insurance penetration in Indonesia is currently only 2%, far behind the global average of 6%, with most consumers just beginning to understand the value of insurance and hence there is plenty of room for growth. Indonesia, Thailand, and Malaysia are amongst the top 10 fastest growing global markets for insurance in the next decade,” added Harshet.
SeedPlus Investments
24 Investments
SeedPlus has made 24 investments. Their latest investment was in Qoala as part of their Series B on May 5, 2022.

SeedPlus Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
5/12/2022 | Series B | Qoala | $65M | No | 8 | |
9/5/2021 | Series C | Homage | $30M | No | 18 | |
7/9/2020 | Seed VC | KYKLO | $8.5M | Yes | Felicis, IA Ventures, Jungle Ventures, SeedPlus, Undisclosed Angel Investors, and Wavemaker Partners | 2 |
4/28/2020 | Series A | |||||
3/18/2020 | Series A |
Date | 5/12/2022 | 9/5/2021 | 7/9/2020 | 4/28/2020 | 3/18/2020 |
---|---|---|---|---|---|
Round | Series B | Series C | Seed VC | Series A | Series A |
Company | Qoala | Homage | KYKLO | ||
Amount | $65M | $30M | $8.5M | ||
New? | No | No | Yes | ||
Co-Investors | Felicis, IA Ventures, Jungle Ventures, SeedPlus, Undisclosed Angel Investors, and Wavemaker Partners | ||||
Sources | 8 | 18 | 2 |
SeedPlus Portfolio Exits
2 Portfolio Exits
SeedPlus has 2 portfolio exits. Their latest portfolio exit was CardUp on June 28, 2022.
Date | Exit | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Acquirer | Sources |
---|---|---|---|---|---|
6/28/2022 | Acquired | 4 | |||
Date | 6/28/2022 | |
---|---|---|
Exit | Acquired | |
Companies | ||
Valuation | ||
Acquirer | ||
Sources | 4 |
SeedPlus Fund History
1 Fund History
SeedPlus has 1 fund, including SeedPlus Singapore.
Closing Date | Fund | Fund Type | Status | Amount | Sources |
---|---|---|---|---|---|
5/5/2017 | SeedPlus Singapore | Early-Stage Venture Capital | Closed | $19.18M | 4 |
Closing Date | 5/5/2017 |
---|---|
Fund | SeedPlus Singapore |
Fund Type | Early-Stage Venture Capital |
Status | Closed |
Amount | $19.18M |
Sources | 4 |
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