kindrik partners advises indonesian insurance marketplace lifepal on US$9m series A round
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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