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Fuse insurtech today (09/8) announced the closing of its series B funding with an undisclosed amount. The round was led by GGV Capital with the participation of previous investors, including East Ventures Growth, SMDV, Golden Gate Ventures, Heyokha Brothers, Emtek, and some undisclosed investors.
The fresh funds will be focused on developing its digital platform and continuing the expansion to other countries in Southeast Asia, outside of Indonesia and Vietnam. Previously, Fuse has secured series A funding in late 2019, led by EV Growth.
This insurtech platform was founded in 2017 by Andy Yeung and Ivan Sunandar. The company claimed to be a pioneer application that focuses on the agent-base model. This is considered relevant to Indonesia, as 97% of the population is still underinsured due to lack of confidence in the current insurance system.
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