Igloo Secures US$36 Million Pre-Series C, Marks 50% Surge in Company Valuation
by Fintech News Singapore December 4, 2023Singapore-based insurtech Igloo has completed a US$36 million Pre-Series C funding round, bumping up its valuation by 50% compared to the previous round in 2022. The company aims to achieve profitability by 2024.
The funding round, led by the global investment firm Eurazeo through its insurtech fund supported by insurer BNP Paribas Cardif, also saw participation from Openspace’s OSV+ and returning investor La Maison.
This latest capital infusion follows Igloo’s Series B+ round from 10 months ago, led by BlueOrchard-managed InsuResilience Investment Fund II, bringing the company’s total funds raised to US$100 million.
The new funding is earmarked to explore both horizontal and vertical mergers and acquisitions opportunities, having already secured intermediary licenses across Southeast Asia (SEA) this year, in addition to its existing license in Indonesia.
Furthermore, the company intends to bolster its workforce by 20% across various departments, including engineering, commercial, strategy, and insurance-focused verticals.
In terms of product development, the company will focus on expanding its range of motor, health, and climate-related products.
Additionally, significant investments will be made in the digitisation of its underwriting and claims processes, as well as in the integration of AI and blockchain technologies.
Igloo has reportedly issued over 500 million policies and aims to double its Gross Written Premiums (GWP) from 2022 while maintaining a low burn rate.
It has established over 75 partnerships across six countries – Singapore, Indonesia, Thailand, the Philippines, Vietnam and Malaysia.
Raunak Mehta
Raunak Mehta, Co-Founder and CEO at Igloo, shared,
“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.”
Matthieu Baret
Matthieu Baret, Managing Partner – Venture at Eurazeo shared,
“We are thrilled to invest in Igloo with the insurer BNP Paribas Cardif. With our investments in China, Indonesia, India, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.”
