Indonesian insurtechs crush funding goals amid industry nosedive.

July 1, 2024
1 min read



Summary of Indonesian insurtechs funding lead despite 79% industry nosedive

TLDR:

Key points:

  • Indonesian insurtech sector received $47m funding in H1 2024, a significant increase from $7.5m in the same period last year.
  • Total tech funding in Indonesia in H1 2024 was $191m, with insurtech, fintech, and enterprise applications as the top-performing sectors.
  • Despite a 79% decline in overall tech startup funding in Indonesia, the insurtech sector stood out as a leader.

Full summary:

Indonesia’s insurtech sector emerged as a leader in funding in the first half of 2024, receiving $47m compared to $7.5m in the same period last year. The fintech and enterprise applications sectors also performed well in H1 2024. However, overall tech startup funding in Indonesia saw a 79% decline, with total funding amounting to $191m.

Seed-stage funding decreased by 42%, early-stage funding dropped by 42%, and late-stage investments saw a significant 92% decrease. Jakarta led in city-wise funding, followed by Yogyakarta and Bandung. Despite these challenges, the tech startup ecosystem in Indonesia remains vibrant and adaptive.

The Tracxn Geo Semi-Annual Report highlighted the shifts in funding and market activities in Indonesia’s tech startup ecosystem. The insurtech sector’s resilience amidst global economic challenges and the funding trends at various stages reflect the evolving investment climate in Indonesia.


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