Thai Insurtech Startup, Sunday Raises US$11 Million In Series A Extension Funding
Sunday, a Thailand-based insurtech startup raised US$11 million in an extension Series A funding round led by Quona Capital, according to a statement issued by the firm. This second tranche of capital was led by Quona Capital, a fintech venture capital (VC) firm, and joined by Temasek-backed investor, Vertex Ventures.
This new funding brings Sunday’s total Series A round to $21 million, after raising $10 million led by Vertex Ventures SEA and India in February 2019. Another undisclosed insurance group is also understood to be a strategic investor and partner in Sunday.
The fresh round of capital raised will be used by the startup to grow its AI and core technology, which relies on machine learning to price insurance premiums for health, motor and travel insurance in real-time, according to a media statement.
Founded in 2017, Sunday aims to be a “one-stop shop” for insurance, covering everything from healthcare, mobile gadgets, vehicle and travel.
Sunday co-founder and CEO Cindy Kua told Thailand Fintech
News, “Over the last two years, Sunday has been laser-focused on redesigning the entire insurance journey using data and technology. Today we’re proud to be able to deliver personalised coverage and superior customer experiences from initial insurance purchase all the way through to any claims, whether on the Sunday system or through its partner channels.”
Managing partner at Vertex Ventures SEA and India, Chua Kee Lock added, “We have witnessed insurtech startups
disrupt the traditional insurance industry in the West and in China. Indeed, we are excited to see the same phenomenon in Southeast Asia.”
In Asia, Sunday competes with insurtech players like Singapore Life and CXA Group. Both have received significant sums of VC money banking on the opportunity to disrupt a highly traditional financial sector.
Singapore Life raised a $90 million equity round in July 2019 from Sumitomo Life, one of Japan’s largest insurance companies. We last reported that Singapore Life was eyeing expansion in Malaysia, Indonesia, Vietnam and the Philippines via both organic and inorganic routes.
CXA Group which is also Singapore-based and led by Rosaline Koo, is also backed by a host of strategic and VC investors, including HSBC, Sumitomo Corporation Equity Asia, MDI Ventures and Singtel Innov8. CXA Group was last reported to be seeking a $50 million fundraise at a $250 million valuation in September 2019.