Igloo, a Singapore-based regional provider of insurtech solutions for companies, raised US$36M in Pre-Seed funding.
The round was led by Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, with participation from Openspace’s OSV+, and returning investor La Maison. In total, the company has raised US$100M.
The company intends to use the funds to go towards both horizontal and vertical M&A opportunities – having added intermediary licenses across SEA this year, in addition to its license in Indonesia. It will also increase its workforce by 20% across engineering, commercial, strategy and insurance-focused verticals.
Led by Raunak Mehta, CEO, Liliang Zhu, CTO, Sandra Ernst, COO, Wilson Tseng, CBO, Roshan Mahtani, CFO, Igloo is an insurtech firm with a mission of making insurance accessible for all. The firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Its insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimise and enhance existing products and services. Igloo has partnered with over 70 brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services. In 2022, it launched Ignite by Igloo, a digital platform that enhances the productivity of sales intermediaries in Vietnam and Indonesia. Ignite by Igloo works with 22,000 sales intermediaries and agent partners and aims to close 2023 with 50,000 agents as it expands into other markets.
The company has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centres in China and India.
FinSMEs
08/12/2023