Lifepal, Indonesia’s digital direct-to-consumer (D2C) insurance marketplace, has raised an oversubscribed $9 million Series A funding round led by ProBatus Capital, according to an announcement.
Other investors including Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle Fund also participated in the funding round.
This new round brings the company’s total capital raised to date to $12 million. Lifepal said it will use the new financing to improve its product and customer experience.
Founded in 2019 by former Lazada executives Giacomo Ficari, Nicolo Robba, and experienced tech professionals, Lifepal helps customers by offering the largest selection of policies in the country, pricing advantages, convenience in buying and using the policy, and transparency of information.
The company claims that it is one of the largest insurance marketplaces in Indonesia by traffic, with 4 million monthly visitors and 1 million combined social media followers.
“We invested in Lifepal because of its potential to change the way the Indonesian consumer buys insurance,” said Ramneek Gupta, founder and managing partner of ProBatus Capital.
Gupta added that Lifepal has built a platform that uniquely serves its consumers by incorporating educational content that helps customers understand their needs and an online marketplace that enables these customers to pick the right solutions from the comfort of their homes.
“Finally, their contact center model allows consumers to engage with live agents to address potential questions and aid in payments and claims processing. We believe this three-pronged approach, tailored specifically to the needs of the Indonesian market, is driving the impressive growth that Lifepal has demonstrated since its launch last year,” he added.
ProBatus Capital is a global, multistage venture firm backed by Prudential Financial, Inc.
Its first fund is a $300-million multistage investment vehicle focused on partnering with founders building enduring businesses in the largest verticals of the global economy including insurance, financial services, health care IT, real estate, and asset management as well horizontal enterprise tech enablers such as data/ML, cloud, DevOps, security, automation, and digital CX.
With a growing middle-class and the rapid adoption of digital services, Indonesia is one of the fastest-growing insurance markets globally and is expected to reach $58B by 2025, according to Munich Re Economic Research.
“The insurance market in Indonesia is incredibly untapped and underserved with less than two percent of Indonesians having insurance, thus making it ripe for a digital disruption,” said Rajive Keshup, Director at Cathay Innovation.
Most recently, Indonesian insurtech company Fuse has completed a Series B funding round led by GGV Capital. The value of the Series B round was not disclosed. DealStreetAsia had earlier reported that Fuse had closed the round at $30 million.
In September last year, insurtech firm PasarPolis, based in Indonesia, announced a $54 million Series B funding round backed by financial services investors LeapFrog Investments and SBI Investment, VC firms Alpha JWC, and Intudo Ventures, as well as Chinese consumer electronics giant Xiaomi.
Meanwhile, Indonesia’s Qoala closed a $13.5 million Series A round led by Centauri Fund, a joint venture between funds from South Korea’s Kookmin Bank and Telkom Indonesia in April 2020.