Igloo Raised US$19 Million Series B, Promotes Raunak Mehta as Co-founder and CEOby Fintech News Singapore March 10, 2022
Regional insurtech firm Igloo announced that it has raised US$19 million in Series B funding round and promoted Raunak Mehta as its new Co-founder and Chief Executive Officer (CEO).
The round was led by Cathay Innovation with participation from ACA and other existing investors including Openspace, bringing Igloo’s total funds raised to over US$36 million.
With its Series B raise, Igloo plans to drive product innovation and will continue to invest in reinforcing its full-stack capabilities, along with innovating its dynamic risk assessment and AI-powered claims assessment tools.
Additionally, the funds will also be used to focus on acquiring intermediary assets which bring synergies to Igloo’s business model.
Raunak Mehta, who was previously the Chief Commercial Officer, will work alongside the Co-Founder of Igloo, Wei Zhu, who is on the company’s board of directors.
He has extensive experience in the e-commerce and technology space, having held leadership roles at Flipkart and Zalora.
Since joining Igloo in 2018, he has spearheaded its market entry into the Philippines, Vietnam, Thailand, Indonesia, Australia and Malaysia while establishing partnerships with Lazada, Shopee, Bukalapak, AIS, RedDoorz, foodpanda, Lotte Finance and Ahamove across a range of insurance products.
In 2021 alone, Igloo said that its insurance solutions helped underwrite over 75 million policies in Southeast Asia.
Raunak Mehta, Co-founder and Chief Executive Officer, shared,
“Igloo has seen tremendous growth in 2021, where we drove an aggressive market entry strategy helped by our strong company fundamentals – grounded in people and technology.
With the continued backing of our investors, we are well-positioned to expand our operations in countries like Vietnam, the Philippines, and Malaysia, and provide a highly localised offering for each Southeast Asian market.”