Data Vantage | Indonesian insurtech firm Qoala issues new shares and other updates

4 min readMay 23, 2024

Edition #375, 23 May 2024

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Indonesia-based insurtech startup Qoala issued new shares worth $47 million earlier this week, as part of a funding round announced in March. Investors in the round include [redacted].

Founded in 2018, Qoala offers a digital insurance marketplace, and works with agents and online platforms to distribute insurance products. It has tied up with over 20 insurance partners in Indonesia, Malaysia, Vietnam, and Thailand, and has facilitated more than 8 million transactions.

The company was, however, struggling with mounting losses. As per regulatory filings by the company, its losses more than doubled to $22.31 million in 2022 from $10.36 million in the previous year, while its revenue surged 65% year-on-year to $7.35 million.


Singapore-based medical technology firm [redacted] bagged $3.2 million this week from Vickers Venture, Lion X Ventures, and other investors. This is likely to be part of a $20 million Series B funding round announced in September last year.

Headquartered in Singapore with offices in California, USA, and India, the company offers wearable dialysis machines to patients that can be used at home as well as anywhere on the go, addressing the challenge of connection to large-size dialysis machines in hospitals and clinics. The device can be controlled by a mobile app and is digitally connected to a web portal at the clinicians’ side, enabling them to remotely monitor their patients’ health.

Chipmakers in China continue to lure investors

Investments into China’s chipmaking startups more than doubled to $2.7 billion in Q1, 2024 from $1.3 billion during the same period in the previous year, according to the Greater China Deal Review: Q1 2024. Total funding into chipmaking companies also nearly doubled sequentially from $1.4 billion in Q4 2023.

While chipmakers sealed 108 deals in Q1, 2024, which is the same as in Q4, 2023, it marks a 15% increase in deal volume compared to the same period last year. This points to the sector’s consistent ability to lure investors into it.

Around 44% of the total deals in the sector were at Series A or earlier stages, which hints at new chipmaking companies continuing to emerge in the market.

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Other updates from DATA VANTAGE

Singapore-based blockchain infrastructure provider [redacted] bagged $2.2 million this week from Unicorn Factory Ventures and other individual investors.

Singapore-based auto concierge platform [redacted] allotted shares worth $457,000 this week to SEA Frontier Fund managed by AC Ventures.

Singapore-based wealth management company [redacted] received $238,000 last week from its existing shareholders Aspiration Ventures and Xincheng Investment.

Vietnam-based online learning and test preparation platform [redacted] raised $500,000 last week from Touchstone Partners.

Singapore-based SME lender [redacted] received a capital infusion of $372,000 last week from its parent Validus Holdings.

Singapore-based gaming company Virtuos’ profits dropped 76% YoY in the financial year ended December 31, 2023, while its revenue also dropped marginally by 4% YoY.

Indonesian fintech startup Awan Tunai’s losses more than doubled in the financial year ended December 31, 2022, while the company’s revenue surged 36% during the period.

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