Harshet Lunani and Tommy Martin launched Qoala in 2018. The company sells retail insurance through partners and an omnichannel platform rather than selling directly to customers.
Qoala raised a Series A in April 2020. In February 2021 it acquired FairDee in Thailand, its move into another Southeast Asian market.
In May 2022 it closed a $65 million Series B led by Eurazeo, with Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India.
In March 2023 a $7.5 million Series B+ was led by responsAbility. Gross written premiums had doubled since the Series B.