The Indonesian digital insurance agency PasarPolis said it raised $54 million in a Series B funding round, in what it said is the largest Series B funding for an insurtech firm in the region.
The company said the investors in the round included LeapFrog Investments and SBI Investment, AlphaJWC, Intudo Ventures and Xiaomi.
PasarPolis sells micro-insurance policies to delivery couriers, ride-hailing drivers and online small-to-medium businesses from more 30 insurance companies in Southeast Asia. It sold more than 650 million policies last year through 10,00 agent partners in Indonesia, Vietnam and Thailand, according to the company.
One of Southeast’s unicorns, Gojek, a popular multipurpose app for food, ride-hailing, delivery, digital payments and even massages, is a backer of the PasarPolis.
PasarPolis is run by founders Cleosent Randing and Michael Saputra.
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