Igloo, the first full-stack InsurTech firm from Singapore, announced today its successful closure of a $36m Pre-Series C funding round.
This significant investment was led by global investment firm Eurazeo, through its InsurTech fund backed by insurer BNP Paribas Cardif. Joining Eurazeo in this round were Openspace and La Maison, previous investors in Igloo’s Series B and Series B+ fundraises, signalling their continued confidence in Igloo’s robust business model.
This latest funding round marks a significant milestone for Igloo, showcasing a 50% increase in valuation since its Series B+ round and bringing the company’s total raised funds to $100m.
Igloo stands out as a trailblazer in the InsurTech sector, operating from Singapore with offices across Southeast Asia and tech centres in China and India. The firm is dedicated to making insurance accessible to everyone, utilising big data, real-time risk assessment, and automated claims management to offer innovative B2B2C insurance solutions. These solutions are tailored for platform companies and insurers, aiming to reduce operational risk exposure, generate new revenue streams, and optimise existing products and services.
The newly acquired funds will be directed towards both horizontal and vertical mergers and acquisitions, expanding Igloo’s workforce, and enhancing its product offerings. This includes investment in motor, health, and climate-related insurance products, as well as advancements in underwriting, claims digitisation, and AI and blockchain technologies.
Igloo Co-Founder and CEO Raunak Mehta commented, “The support from our investors is a testament to Igloo’s steady growth and resilience amidst macro headwinds and a validation of our strategy. We are the only InsurTech in Southeast Asia with a robust profit and loss (P&L) statement, a diverse multi-product portfolio, and an extensive distribution line.”
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