- eWTP Technology and Investment Fund was initiated to support startups in emerging markets
- Also participating in this extended Series B round are the leading fintech investor CE Innovation Capital and Indonesia’s leading active investment company, PT Saratoga Investama Sedaya Tbk. The fund will be used for Fuse’s further expansion in Southeast Asia
Jakarta, September 16, 2021 – Indonesia’s largest insurtech startup by Gross Written Premium (GWP), Fuse, announces eWTP Technology and Investment Fund, CE Innovation Capital (CEIC), and PT Saratoga Investama Sedaya Tbk. (Saratoga) have joined as investors in the extended Series B round.
Last month, Fuse secured funding led by GGV Capital with participation from existing investors, including East Ventures (Growth Fund), SMDV, Golden Gate Ventures, Heyokha Brothers, Emtek, and others.
eWTP Technology and Investment Fund (eWTP) aims to tap startup opportunities in emerging markets. The $600 million fund was setup in 2018 and have investments in India, Vietnam, and Thailand. Fuse is eWTP’s first foray into Indonesia, Southeast Asia’s largest economy.
“As a leading insurtech player in Indonesia, Fuse has a unique value proposition that empowers traditional sales channels by connecting numerous and scattered insurers with a large agent network, providing agents/brokers with a comprehensive lineup of insurance products. In addition, Fuse has the demonstrated an ability to leverage new and innovative insurance products from the other countries to create a distinctive competitive advantage. As such, we see Fuse as a strong regional player in South East Asia in the near future,” said Jiang Dawei, Partner and CFO of eWTP.
Fuse was founded in 2017 and operated by two industry veterans, Andy Yeung and Ivan Sunandar. It has acquired more than 60,000 agent/broker partners and partnership with more than 30 insurance companies on the grounds, with more than 300 insurance products on the platform.
Its total Gross Written Premium (GWP) exceeded $50 million (Rp720 billion) in 2020, making it the largest insurtech company in Indonesia. Fuse seeks to address the trust concerns of 97% of Indonesians who are still uninsured.
“Fuse has strong competitive edges in omni-channel distribution and tech innovation. The company is also precisely positioned with its ‘To Agent’ model that largely enhances the efficiency of the whole insurance supply chain in a digital and innovative way, which we believe is the right track to scale up the business in the long run. Given the relatively low penetration of insurance products in the country, promising population growth prospect, and the increasing demand from customers post the pandemic, we have full confidence in Fuse’s next phase of growth,” said Xiaolin Zheng, Partner of CEIC.
“Investing in Fuse is a great opportunity for Saratoga to strengthen our portfolio in the digital technology sector. The sector shows great potential for growth, driven by the rapid development in digital technology usage and financial inclusion in Indonesia. As a leading insurtech player in the country, Fuse could provide better solutions and accessibility for people in choosing the right insurance product,” said Michael W.P. Soeryadjaya, President Director of Saratoga.
Andy Yeung, CEO of Fuse, said, “We are excited to get eWTP, CEIC, and Saratoga on board as they are all leaders in their respective areas. We are looking forward to those invaluable experiences they gained and shared by them.”
Founded in 2017, Fuse being a pioneer to deploy mobile technology platform to revolutionize insurance distribution channel for improving efficiency and experience to end customer, We launched our first-of-its kind mobile app Fuse Pro in 2018 to “enable” agent/broker partners for closing insurance policy instantly and easily with their customers. We are also the first mover on supporting digital/e-commerce channel like Tokopedia for launching their first transactional top-up micro insurance product back to 2018. We have more than 460 teammates, with 28 branch offices across Indonesia, Vietnam and China, to support our local insurance companies and distribution partners to serve their customers better.
Media contact: PR@fuse.co.id
About eWTP Technology and Investment Fund
eWTP Tech Innovation Fund was established in May 2018 with the mission to promote innovation by startups in the emerging markets. With a size of 600 million USD, it targets companies in key markets that are achieving globalization through technological innovation. In addition to exploring opportunities within China that leverages Chinese innovation and experience to overseas markets, eWTP is also active in regions such as the SEA and the Middle East.
About CE Innovation Capital
Founded in 2016, CE Innovation Capital (“CEIC”) is a $1 billion venture fund investing in fintech, enterprise solutions and technology companies globally. The Fund was named “Top 9 Fintech Unicorn Investors” globally by CB Insights and listed on “Most Active Fintech Investors 2019” by Financial Technology Partners. The fund was also nominated for “Top Fintech Equity Investor” Award at LendIt USA Annual Conference.
About PT Saratoga Investama Sedaya, Tbk.
Founded in 1997, PT Saratoga Investama Sedaya, Tbk. (Saratoga, ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and exploring investment opportunities in Indonesia.
Saratoga focuses on investment opportunities in the early stages and growth, and in special situation with a focus on sectors that support economic growth in Indonesia such as consumers, infrastructure, and natural resources.
Saratoga’s vision is to continue to be a leading active investment company and become the partner of choice for local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.
For further information please visit: www.saratoga-investama.com.