We wish to announce that Rubicon Law  has advised Next Billion Capital Partners (“Next Billion”) on its investment in Qoala Technology Pte. Ltd. (“Qoala”) through Next Billion Digital Growth I (“Digital Growth Fund”).

The investment was part of a US$47 million Series C round led by PayPal Ventures, the corporate venture arm of PayPal; and MassMutual Ventures, the venture capital unit of US insurance group MassMutual, and was completed in July 2024.

Next Billion is a venture capital fund incorporated in Luxembourg. The investment into Qoala is the first investment made out of the Digtial Growth Fund. The completion of the investment was significant to facilitate Next Billion’s entrance into the emerging insurance market in Southeast Asia.

Additionally, the funding will support Qoala in diversifying its product offerings and expanding its agent platform, while also accelerating growth through strategic acquisitions and geographic expansion.

To read more about it:

https://www.nextbillion.capital/post/announcing-our-investment-in-qoala-why-we-invested

https://www.businesstimes.com.sg/startups-tech/startups/insurtech-startup-qoala-secures-us-47-million-series-c-funding

https://insuranceasia.com/insurance/news/qoala-secures-47m-in-series-c-funding