Thailand-based B2C InsurTech startup Roojai has closed its Series B funding round on $42m.
The investment was led by HDI International, the International Retail Insurance division of the German Talanx Group. Also joining the round was existing investor International Finance Corporation.
This Series B round included a $32m direct injection and a $10m secondary share transaction.
With the fresh funds, Roojai hopes to expand its products across non-motor verticals. It will also expand across Indonesia and across Southeast Asia, with an initial focus on the Philippines. To facilitate this growth, Roojai will seek both organic and M&A growth opportunities.
Roojai launched in Thailand in 2016 and expanded into Indonesia in early 2022. It offers various digital vehicle insurance, including car, extended warranty, motorbike and personal accident insurance. It also expanded to offer critical illness and cancer insurance.
This funding comes after a strong period of growth for Roojai. In 2022, the InsurTech experienced a 25% boost to its premium income, rising to $38m. It also increased its customer base by 40% to reach 150,000.
Rookai CEO and founder Nicolas Faquet said, “We are delighted to welcome HDI as one of our core shareholders, which further solidifies our relationship with the Talanx Group after four years of a very fruitful partnership with Hannover Re.
“This is a testament that our constant focus on sound insurance fundamentals over the last six years has been key in attracting high-quality and industry leading investors who can help us expand to the rest of Southeast Asia while sustaining our customer-centric growth in our core markets.”
Another Thai InsurTech startup to recently raise capital was Eazy Digital. The company raised $850,000 through an oversubscribed seed funding round, which was supplied by Wavemaker Partners, Seedstars International Ventures and others.
Eazy Digital is a platform that aims to help insurance companies manage their agents, operations, user referrals, and engagement.
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