ZA Tech Rebrands as Peak3 and Raises US$35 Million Series A Led by EQT 

ZA Tech Rebrands as Peak3 and Raises US$35 Million Series A Led by EQT 
ZA Tech, a next-generation insurance core system SaaS provider, has rebranded as Peak3 and has also announced the completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures.

ZA Tech, a next-generation insurance core system SaaS provider, has rebranded as Peak3 and has also announced the completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures.

The insurtech now plans to accelerate its expansion in the EMEA region and investments in complementary data and AI solutions. 

Peak3 is known for having pioneered a cloud-native,  modular insurance core and distribution system that combines comprehensive capabilities for  life, health, and property and casualty (P&C) insurance. 

Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and  Zurich for their digital and traditional business. It has also partnered with leading digital  platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded  insurance businesses. 

In 2022, the company also raised US$230 million in Series A funding – investment that was used to fuel the insurtech’s expansion into Europe, Hong Kong and further expansion in Southeast Asia. The capital was secured from investors AIA, Chow Tai Fook and others.

Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country,  multi-tenant core modernisation in Europe, rolling out an integrated customer data and big  data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. 

The rebranding coincides with the insurtech issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American  customers and the first ones to be issued in Africa. 

“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end  technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co Founder. “Our new name represents three pinnacles: scaling the heights of innovation,  surpassing performance limits, and delivering superior reliability – as we help insurers reach  the highest summits of their cloud, data, and AI transformation.”  

Bill Song also emphasised the growth opportunity: “There is an incredible tech investment  backlog in the US$7-trillion global insurance industry. Continued digitalisation and the  proliferation of AI will require structural investments by insurers over the next decade to  modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 

To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two  new investors on its cap table: EQT, a major global technology investor with a deep heritage  in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia.

With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core  insurance solution, grow its EMEA operations and establish new system integrator  partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach  cashflow breakeven over the coming quarters.

Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor,  EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our  global network,” stated Clara Ho, Partner at EQT. 

J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.

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