Fuse, an agent-focused insurtech company in Indonesia, has said today it has secured over US$25 million in a Series B extension round, led by an undisclosed global fintech fund.
Existing investors East Ventures (Growth fund), GGV Capital, eWTP and Emtek participated in the round, bringing Fuse’s total funding raised from Series B to over US$50 million.
The new round comes less than three months after the startup bagged a Series B extension round from a clutch of investors, including Alibaba-backed eWTP Technology, in September. A month earlier, it announced the closing of an undisclosed Series B funding round led by GGV Capital.
Jakarta-headquartered Fuse will use the fresh investment to expand its business to new countries in Southeast Asia. The firm already has branch offices across Vietnam and China, apart from Indonesia.
Started in 2017 by industry veterans Andy Yeung and Ivan Sunandar, Fuse intends to solve Indonesia’s last-mile trust gap in the insurance industry (97 per cent of Indonesians are underinsured for lack of trust in the current system).
Also Read: Alibaba-backed eWTP fund enters Indonesia by joining insurtech startup Fuse’s Series B round
The startup has adopted an agent-focused model. Its mobile app Fuse Pro enables agents/brokers to close insurance policies instantly and easily with their customers, claims the company.
The company claims it has more than 60,000 marketers or agents partners using its Fuse Pro mobile app. Over 40 different types of insurance companies use Fuse to provide more than 300 insurance products available for partners or end customers.
In Q3 2021, Fuse signed a partnership with Tokopedia to support its general insurance products.
Fuse bets big on the region’s rising middle-class population, which is expected to grow to 350 million consumers with US$300 billion in disposable income by 2021 and is increasingly digitally savvy.
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