Qoala raises $47m in Series C round from PayPal Ventures & MassMutual Ventures

By Gloria Mathias

Qoala, an omnichannel InsurTech has announced the completion of its Series C funding round, raising $47 million led by PayPal Ventures and MassMutual Ventures.

The round was joined by MUFG Innovation Partners, Ohana Holdings, and existing investors, Flourish Ventures, Eurazeo and AppWorks, echoing confidence in the company’s mission to drive financial inclusion.

The Series C funding enables the company to expand its embedded insurance business (B2B2C) across Southeast Asia. The investment will also empower Qoala to intensify its tech-driven initiatives, seamlessly integrate artificial intelligence across all channels, and elevate the experience of customers, agents, and partners.

Qoala will leverage the funds to explore new products and channels for its agent platform while accelerating growth by exploring strategic acquisitions and partnerships across all verticals.

Harshet Lunani, Founder and CEO of Qoala said, “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 democratise insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”

Alexandros Bottenbruch, Principal, PayPal Ventures said, “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.”

Ryan Collins, Managing Partner of MassMutual Ventures stated, “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.”

This funding will be directed towards enhancing agent experiences and operational efficiency by further advancing the company’s use of generative AI.  This investment will enable Qoala to refine and expand its established InsurTech platform.