Sunday, an insurtech startup based in Thailand, raised US$10 million in its Series A funding round led by Vertex Ventures SEA and India.
The startup did not specify how it will be spending the money, but mentioned that it aims to expand its operations to other regional markets like Singapore, Malaysia, and Indonesia by the end of this year.
The 1.5-year-old startup runs an online platform that uses risk-prediction models to offer personalised insurance products and services for different consumer segments. Sunday has launched over 100 variations of coverage, from extended warranties to policies that cover flight delay, as well as auto and health insurance.
Part of Sunday’s business is owned by an unnamed insurance group, which provides the startup with its insurance license, making Sunday a full-blown insurance company.
Thailand’s insurance sector has huge gaps and an unfriendly user experience. Firms like Sunday are attempting to offer services that streamline the process of buying insurance. Regionally, Sunday faces stiff competition from players like Policypal, CXA Group, Pasar Polis, and Thailand’s own Appman.
Vertex Ventures SEA and India also recently invested in P2B lender Validus Capital’s Series B round.
Editor: Brady Ng
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