Insurtech funding in APAC plunges to $193m in 2024

Seed-stage funding also declined 16% to $7.7m.

Southeast Asia’s insurance technology (insurtech) funding plunges in 2024, dropping 61% to $193m from $495m in 2023, according to Tracxn Geo Annual Report: SEA InsurTech 2024.

The decline follows a broader global funding downturn driven by macroeconomic uncertainties, inflation, and higher interest rates. 

Funding fell across most investment stages. Seed-stage funding declined 16% to $7.7m, whilst early-stage investments plunged over 80% to $38.5m. 

Late-stage funding increased 11% to $147m. 

The second half of 2024 (H2 2024) was the most active funding period, raising $111m, though still 50% lower than H2 2023. 

The fourth quarter recorded the highest funding activity of the year, with $105m secured.

Singapore remained a global tech hub, ranking fourth in FinTech funding behind the US, UK, and India. 

Indonesia and Vietnam also saw expansion in manufacturing, attracting foreign investment. 

The largest funding round of the year was Bolttech’s $100m Series C, the only $100M+ round in 2024, compared to two in 2023.

Insurance IT, Internet-First Insurance Platforms, and Employer Insurance attracted the highest funding. Insurance IT companies raised $135m, down 47% from 2023. 

Internet-First Insurance Platforms secured $51.7m, a 78% drop, whilst Employer Insurance saw $6.5m, down 65%. 

No new unicorns emerged in the sector for the second consecutive year.

Acquisition activity also slowed, with only one recorded deal—Roojai’s acquisition of Lifepal—compared to five in 2023. 

Singapore led in InsurTech funding with $135m, followed by Jakarta with $50.5m and Kuala Lumpur with $1.2m. 

Key investors in 2024 included Wavemaker Partners, East Ventures, and Openspace Ventures, whilst Y Combinator, Bee Next, and Appworks focused on seed-stage investments.

Whilst InsurTech funding in Southeast Asia faced a significant downturn, the region’s economic resilience and growing government support position it for potential recovery. 

The presence of major global corporations and a strong tech ecosystem continue to drive optimism for future growth.