Indonesia-based insurtech startup Fuse raises Series A funding from EV Growth
Indonesian insurtech startup Fuse secures Series A round of funding, Tech In Asia reported. One of the investors revealed in the round is EV Growth.
The insurtech company confirms that it raises “a couple of million” US dollars, aimed at helping it expands to eight major cities in the country. Ivan Sunandar, Fuse’s chief operations officer and co-founder, said that it also seeks to increase its current partner base from 15,000 to 100,000 in 2020.
Fuse works by aggregating more than 200 insurance products in partnership with 30 local and international insurance companies with operations in Indonesia through its app. With a license from the Financial Services Authority of Indonesia (OJK), it offers insurance products such as those for vehicles, property, travel, health, term life, critical illnesses, as well as digital insurance products that cover gadgets, cargo liabilities, and credit default insurance.
Fuse runs three business models, one of which is a business-to-consumer insurance comparison site. It also offers micro insurance plans for e-commerce’s respective customers.
Fuse also has an app called Fuse Pro, which allows the company to let its agent partners offer multiple insurance products to customers, offering real-time calculation, and fast disbursement of commissions.
EV Growth is a joint venture capital by East Ventures, SMDV, and Yahoo! Japan Capital that was established to back more local startups in Indonesia that are in Series B stage. Most recently, EV Growth backed Social Bella Indonesia, the company behind the popular beauty e-commerce platform Sociolla.com, for US$40 million in Series D round alongside Temasek.
This year alone, since its establishment in 2018, EV Growth has backed millennials-focussed online media IDN Media and logistics tech startup Waresix.
According to EV Growth managing partner Roderick Purwana, the company has had over US$10 million in closings in the first three quarters of 2019.