Indonesia’s Lifepal, a digital direct-to-consumer (D2C) insurance marketplace, reveals that it has acquired an oversubscribed $9 million through a Series A round, bringing the total capital secured by the firm to $12 million.
As noted by its management, Lifepal is the largest insurance marketplace in Indonesia in terms of Internet traffic.
As explained by the firm:
“On our platform customers can Compare, Save, Claim for their insurance. Lifepal was launched in Q2 2019 with the vision of using technology to make financial protection accessible to everyone. Lifepal is built by early-stage employees of Lazada and alumni of Y Combinator and Rocket Internet.”
The company is funded by prominent VCs from Southeast Asia, Silicon Valley, and China.
Lifepal’s investment round, which was finalized earlier this week, has reportedly been led by ProBatus Capital along with contributions from Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle Fund.
Lifepal’s management noted that they’ll be using the proceeds to enhance their line of products and improve customer experience (CX).
The company was established in 2019 by ex- Lazada executives Giacomo Ficari and Nicolo Robba, as a one-stop or comprehensive platform providing more than 300 policies across health, life, automotive, property, and travel.
Lifepal has over 50 insurance partners which include some of Southeast Asia’s biggest players.
Giacomo Ficari, Founder and CEO at Lifepal, stated:
“We have entered the market at an exciting time: consumer behaviors are shifting online and we have the rare opportunity to continue to scale our traffic & branding to become the dominant online destination for consumers for the years to come. We look forward to partnering with our new investors that share the same long-term vision and passion for insurance and best-in-class customer experience.”
As mentioned on the company’s website:
“Buying insurance online becomes a practical option that can make it easier for you to protect yourself and your family financially. Because, online insurance sites allow their customers to measure needs and budgets, by comparing 500+ policy options from insurance companies in Indonesia. Just using a smartphone, customers can register insurance online at any time, even from home.”