Insurtech Firm Sunday Raises $9 Mn In Pre-Series B Bridge Round
The firm will utilize the fresh capital to support its growth plan in Thailand and Indonesia
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Insurtech firm Sunday on Friday raised $9 million in pre-series B bridge round. The investment was led by SCB 10X, the venture capital arm of the Siam Commercial Bank PCL, along with participation from Vertex Ventures, Quona Capital and Line Ventures.
The company plans to utilize the fresh capital to support its growth plan in Thailand and Indonesia while deepening its platform Sunday Services for health and motor insurance products and services.
Founded in Thailand in 2017, the company relies on artificial intelligence and digital platforms to offer personalized insurance products and services that suit all types of individual and business risks.
The company over the years has grown its health, motor and electronic device protection book through its B2B channel. The company provides self services such as disease symptom checker through its app Sunday Service. Currently, Sunday manages over 100,000 active health members and believes demand for health insurance will remain robust post-COVID.
Despite the ongoing pandemic and stringent lockdowns, the company is on its way to achieve 100 per cent revenue growth.
Commenting on the recent development, Cindy Kua, co-founder and chief executive officer of Sunday, said, "We are excited to push through our mission to build an insurance group that is truly adaptive and most importantly, always there for people in times of need. We are honoured to be supported by a strong team of global investors with the addition of SCB 10X as our latest partner as we expand our market beyond Thailand starting with Indonesia."
Speaking on the fresh investment, Mukaya (Tai) Panich, chief venture and investment officer, SCB 10X, said, "SCB 10X is proud to be part of Sunday's journey in Thailand and Southeast Asia. Southeast Asia has more than 360 million internet users, who are the most engaged mobile internet users in the world. This makes it an attractive market for InsurTech companies to offer online personalized products. Utilizing data and AI, Sunday is bringing its full-stack, affordable, always available, and personalized insurance products to fit the needs of consumers in the region. In SCB 10X's perspective, owning the insurance value chain end-to-end is a unique differentiating factor for Sunday among InsurTech companies."