Igloo, a Singpore-based InsurTech, has raised an additional $27m in a Series B extension round, bringing the total raised in the round to $46m.
According to a report from Technode Global, This round of investment comprised a consortium of impact investors including BlueOrchard, Women’s World Banking Asset Management (WAM)and Finnfund.
The InsuResilience Investment Fund II, initiated by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and development (BMZ) and managed by impact investor BlueOrchard Finance Ltd., led the capital extension, along with WAM, Finnfund, La Maison, and Series B lead investor, Cathay Innovation.
Igloo closed its Series B funding round on $19m in March this year.
Singapore-based Igloo builds insurance infrastructure which is powered by artificial intelligence and big data to help customers find policies which best meet their lifestyle and needs.
It offers insurance solutions for auto, cybersecurity, electronic and personal goods, e-wallet, personal accident, single disease, transit and travel. The company will soon launch solutions for pet insurance.
Igloo recently launched a new app, Ignite by Igloo, to streamline the insurance sales journey for agents and direct intermediaries. It aims to enhance the sellers’ productivity by creating a smoother and efficient sales process.
The additional funds will help Igloo double down on attracting the best engineering, product, design and data talent across all geographies.
The company is also reportedly in the process of identifying and closing on various merger and acquisition opportunities to help it move swiftly towards its vision for ‘Insurance for All’.
Raunak Mehta, co-founder and chief executive officer, Igloo, said, “The support from our investors underlines the value of our technology proposition in making insurance accessible and affordable for the underserved communities, especially gig economy workers and micro, small and medium enterprises (MSMEs).
“As a leading InsurTech firm in Southeast Asia, building sustainable ecosystems is a prerequisite for us. We are now well positioned to leverage our expertise and accelerate our growth across the region and further strengthen our products and services portfolio that addresses the traditional insurance gaps.”
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