This is Fuse’s third investment round in six months.
Indonesian b2b platform for insurance company Fuse raises $25 million in an additional round of Series B funding. TechCrunch reports.
The main investors of the new investment round have not been announced. Funding was also provided by existing sponsors East Ventures, GGV Capital, eWTP and Emtek.
For a startup, this is the third round of Series B funding in the last six months. From these transactions, the total funds raised by Fuse exceeded $70 million. According to DealStreetAsia, this year funds from Alibaba founder, Jack Ma, also became an investor in Fuse.
Insuretech is a startup founded in Indonesia in 2017. Fuse’s mobile app and web platform help insurance agents and companies find distribution channels. In particular, the companies Grab and Tokopedia, the b2c insurance aggregator Cekpremi, have become startup partners in the distribution of insurance services. More than 40 thousand insurance agents use Fuse’s services. They can offer insurance to their clients for more than 40 leading insurance companies. According to Fuse, more than 2.5 million insurance policies are issued monthly on the platform.
The Fuse team numbered over 400 people. This startup operates 28 subsidiaries in Indonesia, Vietnam and China. The funds raised will be used for expansion to other countries in Southeast Asia, Fuse CEO Andy Jung told TechCrunch.
According to Fuse, 97% of Indonesians do not have insurance due to a lack of trust in the insurance system. At the same time, the digitization rate of the population in the region exceeds 70%.
Life insurance penetration in Southeast Asia ranges from 1.2% to 3.4% of GDP, according to Ernst & Young, a consulting firm.
Read also: Southeast Asia’s largest proptech platform will go public in early 2022.