FairDee, a leading Thai insurtech, has raised Series B funding of THB 2.3 billion (US$ 65 million).
The funding has been led by French asset manager and leading global investment group, Eurozeo, which has previously backed Grab, Southeast Asia’s biggest tech startup. The investment will allow FairDee to further its commitment in providing innovative product offerings, convenience, and services to its brokers and the customers in Thailand. With 3x growth in the past year, FairDee now aims to become the No.1 insurtech in Thailand, ready to scale its services and investment in the country for years to come.
Established in late 2019, FairDee’s mission is to provide millions of underinsured people across Southeast Asia with access to affordable and personalized insurance protection. The company does this by helping to digitize independent brokers and connecting them with over 30 general insurers in Thailand through its mobile platforms. In Feb ’21, FairDee merged with Qoala Group, the fastest growing venture-backed regional insurtech startup with operations in Thailand, Indonesia, and Malaysia.
The global pandemic has increased awareness of the value and importance of insurance. FairDee recognizes the opportunities this provides in working with stakeholders across the market, including insurance partners, brokers, and the Office of Insurance Commission (OIC) to increase the adoption and affordability of insurance in Thailand. As Southeast Asia’s largest consumer insurance market, Thailand has more than 150,000 general insurance brokers, with over 70% working independently. These independent brokers operate as micro-entrepreneurs and play a vital role in serving their local communities’ insurance needs. However, they often operate manually without access to many insurers and products, meaning customers miss out. FairDee supports independent brokers by leveraging digital tools and training to offer exceptional service and choice to the customers. Ultimately, this allows independent brokers to stay competitive and earn a higher income, at the same time enabling the local community to access a wider variety of insurance products.
FairDee is committed to further investing in the Thailand market and continually improving its mobile platforms and service standards to offer industry-leading speed in instant pricing and policy issuance. The company will also roll out a recommendation engine to enable brokers to improve their conversion rates. To achieve this goal, FairDee will recruit over 50 employees in various product, marketing, and operational roles this year.
FairDee’s Managing Director, Thanasak Hoontrakul, believes the company can maintain its growth momentum with this latest Series B funding: “Our next step is to further localize our platform experience to serve our customers better. With our commitment to working with insurers, brokers, OIC and ecosystem and to further invest in the growth of Thailand’s insurance market, we plan to take insurtech to new heights.”
The funding also demonstrates appreciation and trust from both Qoala’s existing and new investors to continue its growth in the insurtech sector. Eurazeo led the round with participation from several existing investors, including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus, and Sequoia Capital India. In addition, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia, and Salt Ventures joined the investment round as new investors.
Harshet Lunani, Founder and CEO of Qoala said: “Indonesia, Thailand, and Malaysia are amongst the top 10 fastest growing global markets for insurance in the next decade. We will continue to invest in scaling our reach into core markets and focus on enhancing our technology and product experiences. This will greatly reduce the hurdles to accessing insurance, which can still be significant.”
For more information about FairDee, please visit https://www.fairdee.co.th