Dear reader,
Igloo’s recent closing of a US$36 million pre-Series C funding round, led by Eurazeo and joined by Openspace Ventures and La Maison, underscores its solid position in the insurtech landscape. The 50% valuation increase from its 2022 Series B+ round highlights investor confidence in the Singapore-based company, which has amassed US$100 million in funding since its 2016 inception.
This substantial capital injection is earmarked for strategic initiatives, including horizontal and vertical mergers and acquisitions and a 20% workforce expansion across key sectors. Igloo’s commitment to diversification is evident, with plans to reinforce its presence in motor, health, and climate-related products and advancements in underwriting, claims digitization, AI, and blockchain technologies.
Founded by ex-CTO of Grab, Wei Zhu, Igloo has successfully carved a niche in the gig economy, providing comprehensive and competitively-priced insurance for delivery riders through partnerships with Foodpanda, Lozi, and Ahamove across multiple Southeast Asian countries. Igloo is poised for substantial growth with over 500 million facilitated policies, 75 partnerships, and an ambitious goal to double its Gross Written Premium.
The company’s focus on profitability by 2024, digital platform Ignite, and the innovative blockchain-based parametric farmer insurance targeting Southeast Asian agriculture exemplifies Igloo’s commitment to addressing underpenetration in the region’s insurance market. With Eurazeo’s support, Igloo aims to extend its influence across Asia, tapping into the vast potential of emerging economies like Indonesia, Vietnam, and the Philippines.
Sainul,
Editor.
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