Igloo Co-Founder and CEO Raunak Mehta
Singapore-headquartered insurtech company Igloo has announced closing its US$36 million pre-Series C funding round led by global investment firm Eurazeo, with participation from Openspace Ventures and existing investor La Maison.
According to the company, the latest round was closed at a 50 per cent valuation increase from its Series B+ round in 2022, which was led by BlueOrchard-managed InsuResilience Investment Fund II.
The insurtech company has raised US$100 million since its inception.
The new capital will be used for horizontal and vertical M&A opportunities. It will also increase its workforce by 20 per cent across engineering, commercial, strategy and insurance-focused verticals.
Additionally, Igloo looks to double down on motor, health, climate-related products, underwriting and claims digitisation and AI and blockchain technologies.
Incorporated in 2016 by Wei Zhu (ex-CTO of Grab), Igloo leverages big data, real-time risk assessment, and automated claims management to create B2B2C insurance solutions for platforms and insurance companies. It primarily targets the gig economy 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.
Also Read: Igloo scores US$27M more to extend Series B financing round to US$46M
Igloo claims to have facilitated over 500 million policies and aims to double its Gross Written Premium (GWP). As of today, it has also established over 75 partnerships across six countries, expanding its product offerings to cover consumer finance, e-commerce, and logistics.
The firm is on track to double its 2022 GWP.
The company is set to be profitable in 2024, it said in a statement.
In 2022, it launched Ignite by Igloo, a digital platform that enhances the productivity of sales intermediaries in Vietnam and Indonesia. It works with 22,000 sales intermediaries and agent partners and aims to close 2023 with 50,000 agents as it expands into other markets.
The company has rolled out a blockchain-based parametric farmer insurance. The Weather Index Insurance has drawn interest from partners in Vietnam and across Southeast Asia. Thousands of farmers have adopted this product since its launch in November 2022. It covers 20,000 hectares of coffee and padi farms.
“The insurance market in Southeast Asia is still very underpenetrated, and we believe Igloo is in a strong position to help solve this by making insurance more easily accessible and understandable for consumers,” shared Albert Shyy, Managing Director, Eurazeo.
Eurazeo Managing Partner (Venture) Matthieu Baret said: “With our investments in China, Indonesia, India, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.”
Also Read: Igloo closes US$19M Series B, promotes Raunak Mehta as Co-Founder and CEO
Asia’s insurance market is brimming with untapped potential, especially in emerging economies like Indonesia, Vietnam, and the Philippines.
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