Thailand-based insurtech start-up Sunday has raised $11m in the extension of Series A financing round.
The round was led by fintech venture capital (VC) firm Quona Capital, along with Temasek-backed investor Vertex Ventures.
Including the fund raise in the latest round, Sunday has raised a total of $21m in the Series A round. Earlier, it rake in $10m in round that was led by Vertex Ventures.
The Thai insurtech plans to use the money to expand its operations and add new features to its proprietary core technology.
Sunday’s proprietary core technology leverages machine learning to determine insurance premiums for health, motor, and travel policies in real-time.
Sunday co-founder and CEO Cindy Kua said: “Over the last two years, Sunday has been focussed on redesigning the entire insurance journey using data and technology.
“Today we’re able to deliver personalised coverage and superior customer experiences from initial insurance purchase all the way through to any claims, whether on the Sunday system or through its partner channels.”
Quona Capital co-founder and managing partner Ganesh Rengaswamy stated: “Insurance is such a vital part of how people all over the world achieve financial resilience.
“Quona Capital is proud to back Sunday to not only make insurance more readily available to Thailand and other parts of Southeast Asia but to do so in a way that is consumer-friendly, fairly priced and transparent for users.”
Lanched in 2017, Sunday using its machine-learning risk prediction engines provides end-to-end insurance products and services.