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Thai insurtech startup Sunday bags USD 9 million in pre-series B round

Last year, the startup snagged USD 10 million from Vertex Ventures Southeast Asia and India in February, followed by another USD 11 million funds raised from Quona Capital in December.

Courtesy of Sunday.

Thailand-based full-stack insurtech startup Sunday announced today that it raised USD 9 million in a pre-Series B bridge round led by SCB 10X, the venture capital arm of the Siam Commercial Bank PCL (SCB).

Existing investors that further participated in the round were Singapore-based Vertex Ventures Southeast Asia and India, US-based Quona Capital, and Japan-headquartered LINE Ventures.

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According to a statement, the insurtech firm will use the new capital to grow in Thailand and Indonesia, developing its employee benefits platform, and continuing work on “Sunday Service” an app for its health and motor insurance products and services.

“In times of great uncertainty, consumer demand will shift towards affordable core insurance products that truly help with risk management,” said Sunday co-founder and CEO Cindy Kua.

“As a team, we believe Sunday is uniquely positioned to deliver one-stop personalized insurance coverages and services that meet these evolving risks and growing demands from businesses and individuals in Southeast Asia,” she added.

Founded in 2017, the startup offers insurance products and services driven by its machine learning-powered risk prediction engines, with an ambition to become a “one-stop” platform for health care, mobile gadget, motor vehicle, and travel insurance.

Last year, the startup bagged USD 10 million from Vertex Ventures Southeast Asia and India in February, followed by another USD 11 million funds raised from Quona Capital in December.