Indonesia-based online insurance aggregator startup PasarPolis has announced in a statement that it has closed a US$54 million Series B round of funding.
Participating investors of in this round include LeapFrog Investments, SBI Investment, AlphaJWC, Intudo Ventures and Xiaomi. Existing investors who came back to invest include include Go-Ventures, the VC arm of gojek.
Started in 2015 by chief executive officer Cleosent Randing, PasarPolis aims to make insurance policies more accessible in Southeast Asia.
The startup plans to invest the fresh funds in enhancing its Artificial Intelligence technology and leverage Big Data to build tailor-made insurance products for the digital ecosystem.
The Jakarta-headquartered also plans to use part of the funds in marketing strategies that will accelerate growth in existing markets, including Vietnam and Thailand where it debuted into in May last year.
“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,” said Founder and CEO Cleosent Randing.
Fernanda Lima a senior Partner at LeapFrog commenting on the deal said, “With 30 insurance companies, and 25 digital partners, together serving over 4,000,000 new customers in June 2020 alone, the opportunity for PasarPolis to expand its offering and geographic reach is extraordinary. There is huge potential for positive social impact,”
“As part of our investment, LeapFrog will focus on helping PasarPolis improve its consumer insights and product innovation capabilities, and expansion in other markets,” he noted.