Asian insurtech firm Igloo has raised US$27 million in its Series B extension, bringing a close to its Series B funding round at US$46 million.
The round’s first instalment in March raised US$19 million and was led by Cathay Innovation, with further investments from ACA and other existing investors including OpenSpace.
The second half’s investors include a consortium of impact investors, composed of BlueOrchard, Women’s World Banking Asset Management (WAM) and Finnfund. The capital extension was led by the InsuResilience Investment Fund II, initiated by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and development (BMZ). La Maison, and Series B lead investor Cathay Innovation also participated.
According to Igloo, the latest funding round’s results demonstrate the confidence that investors have in the company as it aims to bring insurance coverage to large uninsured and underinsured segments in Southeast Asia.
Igloo said it has formed partnerships with more than 55 companies across seven countries and has more than 15 products in its suite. It has facilitated over 300 million policies and grew its gross written premiums 30-fold since 2019.
The additional funds will be used to attract the best engineering, product, design and data talent across multiple geographies, Igloo said, adding that 50% of its staff is dedicated to research and development. Igloo said it is also looking at various M&A opportunities to help it accelerate towards its vision of “Insurance for All”.
“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 MSMEs,” said Raunak Mehta (pictured above), co-founder and CEO of Igloo. “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.”
