Thailand’s insurtech startup Roojai has raised US$42 million in a Series B funding round according to a report by The Reporter Asia.
The firm had previously raised US$20 million seed investment from Primary Group as well as an additional US$7 million Series A funding from IFC, a member of the World Bank Group. This brings Roojai’s total funds raised to US$69 million to date.
The round was joined by new investor HDI International, a subsidiary of the German-based Talanx Group, as well as its existing investor IFC.
Having launched in Thailand in 2016, Roojai’s grew its premium income by 25% to US$38 million, expanded its customer base by 40 percent to 150,000, increased its product offerings in 2022 as well as expanded to Indonesia in 2022.
Roojai will be using the new funds to fuel its growth in its home market in Thailand while also expanding its presence in Indonesia and break into new markets in Southeast Asia especially the Philippines. The firm is also eying mergers and acquisition opportunities.
Nicolas Faquet
Nicolas Faquet, CEO and Founder of Roojai Group said,
“We are delighted to welcome HDI as our major shareholder. This will help strengthen our relationship with the Talanx Group after 4 years of cooperation with Hannover Re, it is proof that our continued focus on insurance fundamentals has always been key to attracting quality investors. This will help us expand our business base to more areas in Southeast Asia. Our development and growth remains customer-centric.”
