Igloo scores US$27M more to extend Series B financing round to US$46M

Singapore-headquartered insurtech startup Igloo announced an additional US$27 million to close its Series B round at US$46 million.

The InsuResilience Investment Fund II, initiated by German development bank KfW and managed by impact investor BlueOrchard Finance led the capital extension, along with WAM, Finnfund, La Maison, and Series B lead investor Cathay Innovation.

The Series B raise was started with US$19 million in funding in March this year.

The additional funds will provide Igloo with a comfortable multi-year runway. With 50 per cent of Igloo’s team committed to R&D, the company plans to double down on attracting the best engineering, product, design and data talent across all geographies.

Igloo is also in the process of identifying and closing on various M&A opportunities.

Also Read: ‘Microinsurance will play a pivotal role in accelerating financial inclusion in SEA’: Raunak Mehta of Igloo

Incorporated in 2016 by Wei Zhu (ex-CTO of Grab), Igloo leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platforms and insurance companies.

It primarily targets the gig economy segment by providing “comprehensive and competitively-priced” insurance for delivery riders, through its Foodpanda partnerships in Thailand, Singapore, and the Philippines, as well as Lozi and Ahamove in Vietnam.

Recently, Igloo launched a Weather Index Insurance product in Vietnam – one of the top five rice-exporting countries. The product utilises blockchain-based smart contracts to automate claims payouts calculated using pre-assigned values for losses due to weather events or natural calamities.

In 2020, Igloo raised an undisclosed Series A-plus funding round, led by InVent. It also counts ACA and Openspace Ventures among its investors.

“Women are a major contributor to the economic activity in SE Asia and Igloo’s technology-led impactful model plays a critical role in securing their financial resilience by making insurance accessible to the most vulnerable and underserved segments,” said Rajat Arora, Head of Asia at WWB Asset Management.

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