Thailand-based InsurTech startup Sunday nets Series B round

Thailand-based InsurTech startup Sunday has reportedly collected $45m in its Series B funding round,

The investment was backed by Tencent, SCB 10X, Vertex Growth, Vertex Ventures, Southeast Asia & India, Quona Capital, Aflac Ventures and Z Venture Capital, according to a report from TechCrunch.

With the support of the equity, Sunday hopes to expand in Thailand and Indonesia and deepen its distribution channels to more insurance agents and SMEs.

Sunday, which was founded in 2017, provides an online platform for individuals and businesses to purchase a selection of insurance policies. Coverage available includes motor, travel, health and business health insurance policies.

The InsurTech has doubled its revenue over the past year.

Sunday co-founder and CEO Cindy Kuo said, “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.”

Sunday previously raised $9m in its pre-Series B round in September 2020. The investment was led by SCB 10X, with commitments also coming from Vertex Ventures, Quona Captial and Line Ventures.

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