Thai Insurtech Sunday raises $9m from SCB 10X VC fund
Thai Insurtech company Sunday has raised $9m in a pre-Series B investment round from SCB 10X, which is the venture capital arm of the Siam Commercial Bank. SCB 10X, along with Vertex Ventures, Quona Capital, and LINE Ventures participated in the funding.
Sunday was started in 2017 and has since grown to be one of the most prominent AI-based digital insurance providers in South East Asia. The company claims to be the first Southeast Asian insurtech startup to hold an underwriting license within their group. It provides personalized insurance services and products that suit all kinds of consumers and businesses. Sunday focuses on sectors of health, motors, and electronic device protection, where it works through its B2B channels and B2B2C partners.
The company plans to utilise this investment to cement its business in Thailand, and implement its expansion plan into the Indonesian market. Moreover, Sunday would also use this funding to develop its superapp Sunday Service.
Ms Cindy Kua, Co-founder and CEO of Sunday, elaborated on the ill-effects of the Covid-19 pandemic and explained how it had increased the demand for personalised insurance policies. She also shared that the goal of the Sunday Service superapp is to become a one-stop-shop solution for all consumer insurance needs.
SCB 10X’s Chief Venture and Investment Officer, Mukaya Panich, said in a statement “SCB 10X is proud to be a part of Sunday’s journey in Thailand. In our perspective, owning the insurance value chain end-to-end is a unique differentiating factor for Sunday among insurtech companies.”