Igloo, a leading insurtech operating in Asia, has successfully closed a substantial Pre-Series C funding round, securing a total of $36 million. This funding round, which underscores the growing interest in the Asian insurtech market, was led by global investment firm Eurazeo. Backed by the insurer BNP Paribas Cardif, Eurazeo’s involvement highlights the institution’s commitment to nurturing innovative technologies and disruptive business ideas within the insurance industry.
Eurazeo’s involvement in the insurtech revolution
Eurazeo’s participation in the funding round is a testament to its insurtech fund’s mission of investing in groundbreaking technologies that are disrupting and transforming the traditional insurance sector. By backing Igloo, Eurazeo has demonstrated its interest in supporting businesses that are driving innovation and pushing the boundaries of what’s possible in the insurance industry.
Contribution from Openspace Ventures
In addition to Eurazeo’s investment, Igloo also received funding from Openspace Ventures, a notable participant in the Southeast Asian tech investment landscape. Openspace Ventures’ contribution to Igloo’s pre-Series C funding was made through its mid-stage fund called OSV+. This fund focuses on companies in the Series C and D stages that possess transformative technology capabilities. Igloo’s inclusion in this portfolio highlights their strong potential for growth and disruption in the Southeast Asian insurtech market.
Capitalizing on the new funding opportunities
The $36 million in funding that Igloo has secured will be strategically utilized to pursue both horizontal and vertical opportunities for mergers and acquisitions (M&A). These efforts will allow Igloo to expand its market presence and enhance its product offerings. Furthermore, the company plans to bolster its workforce by increasing headcount by 20% across various departments, including engineering, commercial, strategy, and insurance-focused verticals. This recruitment drive aims to support Igloo’s growth and expansion plans, ensuring that they have the right talent and capabilities to capitalize on the opportunities ahead.
Continued success in fundraising and valuation increase
Notably, this Pre-Series C funding round comes just 10 months after Igloo’s successful Series B+ funding round, which was led by the BlueOrchard-managed InsuResilience Investment Fund II. With the latest round, Igloo has raised an impressive total of $100 million, highlighting the company’s continued progress and investor confidence in its business model and growth potential. Significantly, the valuation of Igloo has increased by 50% from its previous valuation in the Series B+ round in 2022, indicating market recognition of its achievements and prospects.
Igloo’s Competitive Edge in Southeast Asia’s Insurtech Market
What sets Igloo apart in Southeast Asia’s insurtech scene is its robust profit and loss (P&L) statement. This achievement positions Igloo as the only insurtech player in the region with a diverse multi-product portfolio, catering to the varying needs of customers. Igloo’s extensive distribution network further accentuates its competitive advantage, enabling the company to reach a wide customer base and establish strong partnerships with key industry stakeholders.
The successful closure of Igloo’s Pre-Series C funding round marks a significant milestone for the Asian insurtech industry. With Eurazeo leading the investment, Igloo is well-positioned to continue its growth and innovation in the sector. The funding will fuel Igloo’s expansion efforts, including strategic M&A opportunities, while the increase in valuation underlines market recognition of the company’s accomplishments. With a strong P&L statement, a diverse portfolio, and an expansive distribution network, Igloo continues to spearhead the insurtech revolution in Southeast Asia, fueling optimism for the future of the industry.