Singapore-based insurtech Igloo has successfully closed a Pre-Series C funding round, securing $36 million in capital. The investment round was led by global investment firm Eurazeo, with participation from existing investors Openspace and La Maison. Eurazeo invested through its insurtech fund, which focuses on innovative technologies disrupting the insurance industry. Igloo aims to utilize the funds to explore both horizontal and vertical mergers and acquisitions, enhance its product and value chain, and expand its workforce.
Igloo has been making significant strides in Southeast Asia’s insurance market, addressing pain points across the insurance value chain for insurers, sales intermediaries, retailers, and consumers. The insurtech is particularly focused on untapped markets in emerging economies such as Indonesia, Vietnam, and the Philippines, where a considerable portion of the population remains underinsured. Igloo’s innovative offerings include Ignite by Igloo, a digital platform enhancing the productivity of sales intermediaries, and Weather Index Insurance, a blockchain-based parametric insurance for farmers.
The company has shown impressive growth, having facilitated over 500 million policies and aiming to double its Gross Written Premium from 2022. It has also established more than 75 partnerships across six countries, covering consumer finance, e-commerce, and logistics. In August 2023, Igloo was named ‘Insurtech of the Year’ by the Asia Fintech Awards.
The recent funding round, just 10 months after Igloo’s previous Series B+ fundraising, brings the company’s total funding to $100 million. The increased valuation of 50% from its Series B+ round in 2022 reflects Igloo’s progress towards profitability in 2024. The insurtech plans to use the funds to explore mergers and acquisitions, expand its workforce, and focus on product enhancement, including motor, health, climate-related products, underwriting and claims digitization, and AI and blockchain technologies.
Raunak Mehta, Co-Founder and CEO at Igloo, expressed gratitude for the support from investors, emphasizing Igloo’s steady growth and resilience amid macro headwinds. The funding signifies confidence in Igloo’s strategy, positioning it as the only insurtech in Southeast Asia with a robust profit and loss statement, a diverse multi-product portfolio, and an extensive distribution line.
