Thai insurtech Sunday bags $45m in Series B
Investors in the round include Tencent, SCB 10X, Vertex Growth.
Thailand-based insurance technology, Sunday, has raised $45m in a Series B funding round led by investors such as Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Granite Oak, Aflac Ventures, and Z Venture Capital.
Investors had shown overwhelming interest to join the cap table alongside KSK Ventures and OSK-SBI Venture Partners and the round was oversubscribed.
Sunday plans to use the funds to expand its retail product suite comprising health insurance, protection for electronics, and motor insurance through its online platform to its existing health members, corporate, and small and medium enterprise clients and partners.
“Awareness for health insurance will continue to increase and we believe more consumers would be open to shop for insurance online. We plan to expand our platform architecture to offer retail insurance to our health members and partners while we continue to grow our portfolio in Thailand and Indonesia. We are honoured to have our investors on board to help us achieve our plans as a data and tech-driven player in Asia.”, said Cindy Kua, CEO and co-founder of Sunday.
Founded in Bangkok in August 2017, the company adopts artificial intelligence and machine learning to underwrite its motor insurance and employee health benefits product whilst deploying an HR administrative platform for its corporate clients and superapp for its everyday members to access cashless primary care and manage their coverages.
In 2020, the company doubled its revenue and served a total of 1.6 million customers with over 90,000 current health members from its banking, manufacturing and retailers, and services sectors.