Thai digital insurer Roojai has raised $60 million in a Series C funding round co-anchored by UK private equity firm Apis Partners and growth equity investor Asia Partners, according to an announcement.
Apis invested through its Apis Global Growth Fund III and the Apis Growth Markets Fund III. Existing shareholders, including HDI International, Primary Group, and World Bank Group member International Finance Corporation, also participated.
The companies did not disclose valuation or financial terms beyond the fundraise size.
Roojai, founded by chief executive officer Nicolas Faquet, sells insurance directly to consumers online, with a focus on motor cover and expanding products, such as health, personal accident, and travel insurance.
The company said it will use the fresh capital to grow its operations in Thailand and to expand its business in Indonesia. It will also use the proceeds towards further strategic M&A opportunities, per the announcement.
Faquet said Apis and Asia Partners would bring “deep and hands-on growth expertise” and help Roojai continue “disciplined growth” and product development across Southeast Asia.
Asia Partners co-founder Vorapol Supanusonti said the firm was betting on Roojai’s data-led approach and technology-driven operations.
“Through data-driven underwriting, technology-enabled operations, and a relentless focus on innovation, Nicolas and his team have built a digital platform that not only delivers exceptional value and trust to policyholders,” Supanusonti said.
Roojai raised $42 million in its Series B funding round led by HDI International, a subsidiary of the German insurance company Talanx Group. IFC also participated in the 2023 funding round.
In 2018, IFC led the Series A investment for Roojai, which gathered $7 million in total. Its investors at the time included Primary Group, a Bermudan-based private investment holding company, which engages in insurance and other financial distribution activities.
Thailand’s insurance industry has been booming in recent years, driven by the integration of technology and the need for digital transformation over the past four years.
In September, Bangkok-based full-stack insurtech firm Sunday Ins Holdings was reportedly finalising a new financing round, aiming to raise $50 million, sources familiar with the development told DealStreetAsia.
Rabbit Care, a direct-to-consumer insurance comparison platform under Thailand’s BTS Group, also acquired GluayGluay.com, an online motor insurance distribution, in May.
