Singapore-based insurance technology (insurtech) company Igloo announced that it has successfully raised $36 million in a pre-Series C funding round.
The round was led by global investment firm Eurazeo through its insurtech fund, backed by insurer BNP Paribas Cardif. This marks a significant milestone for Igloo, as it strengthens its position in the rapidly evolving insurance market in Asia.
The round also saw participation from Openspace and La Maison, who were part of Igloo’s previous Series B and B+ fundraises. This reaffirms their confidence in Igloo’s strong business fundamentals. Openspace’s investment came through its mid-stage fund OSV+, focusing on Series C and D rounds of transformative technology companies in Southeast Asia.
Eurazeo’s investment in Igloo aligns with its strategy to invest in innovative technologies and business ideas that are disrupting the insurance industry.
Matthieu Baret, Managing Partner – Venture at Eurazeo, expressed excitement over the investment, stating, “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.”
This latest funding round comes just 10 months after Igloo’s Series B+ fundraise led by BlueOrchard-managed InsuResilience Investment Fund II. In total, the company has now raised US$100 million. Notably, Igloo’s valuation increased by 50 percent from its Series B+ round in 2022, moving closer to profitability projected for 2024.
The new funding will fuel both horizontal and vertical M&A opportunities, expand Igloo’s workforce, and enhance its product offerings, focusing on motor, health, climate-related products, and incorporating AI and blockchain technologies, according to the announcement.
“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 statement, a diverse multi-product portfolio, and an extensive distribution line,” Raunak Mehta, co-founder and CEO of Igloo, said.
BusinessNewsAsia.com