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kindrik partners advises indonesian insurance marketplace lifepal on US$9m series A round
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Our Southeast Asia team has advised Lifepal, a digital direct-to-consumer (D2C) insurance marketplace, on its US$9m series A funding round. The oversubscribed round was led by ProBatus Capital. Cathay Innovation, Insignia Ventures Partners, ATM Capital and Hustle Fund also participated in the round.
Lifepal was founded in 2019 by former Lazada execs Giacomo Ficari, Nicolo Robba as well as tech veterans Benny Fajarai and Reza Muhammad. Lifepal’s insurance marketplace is the largest of its kind in Indonesia, and receives four million visitors to its platform monthly. Visitors can access over 300 different policies that cover different areas such as health, life, automotive, property, and travel. Visitors can also access educational content that helps them understand and articulate their needs, and then the platform allows them to compare up to 50 different providers to find the policy that best suits them.
The company intends to put the funding towards product development and customer experience.
“Startups in the insurance and fintech space are getting a lot of attention in Southeast Asia as innovative companies like Lifepal are finding ways to connect with individuals in markets that have traditionally been unbanked or underserved”, partner Chris Wilson says of the deal. “With customer behaviour increasingly shifting to digital services in Indonesia, the team has a huge opportunity in front of them.”
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
