Regional insurtech company Igloo recently announced the successful closure of a $36 million pre-Series C funding round. This substantial investment was led by global investment firm Eurazeo, which operates an insurtech fund backed by leading insurer BNP Paribas Cardif. Eurazeo’s investment aligns with its insurtech fund’s focus on disruptive technologies and innovative business ideas that are revolutionizing the insurance industry.
Funding Details
Igloo’s latest funding round, which raised $36 million, marks another significant milestone for the insurtech firm. Eurazeo’s participation underscores the confidence that major players in the industry have in Igloo’s growth potential and unique value proposition. Eurazeo, through its insurtech fund, has demonstrated its commitment to supporting companies that drive innovation and transform the insurance sector.
Previous Fundraising Success
Igloo’s stellar track record in fundraising is further validated by this latest round. Just 10 months ago, the company successfully raised funds in a Series B+ round led by the well-established InsuResilience Investment Fund II, managed by BlueOrchard. Cumulatively, Igloo has raised an impressive $100 million, a testament to the confidence investors have in the company’s potential.
Growth and Performance
With the new funding infusion, Igloo is well-positioned to achieve its ambitious growth targets. The company aims to double its Gross Written Premiums (GWP) from 2022 while maintaining a low burn rate. This strategic approach showcases Igloo’s commitment to sustainable growth and financial stability. Additionally, Igloo’s impressive track record is evident in its facilitation of over 500 million policies, solidifying its position as a significant player in the insurance industry.
Innovative Offerings
Igloo continues to differentiate itself in the market through its innovative offerings. The company has recently introduced two groundbreaking products – Ignite by Igloo and Weather Index Insurance. Ignite by Igloo provides customers with a user-friendly platform that allows for seamless insurance purchasing and management. This tech-driven solution empowers individuals and businesses by simplifying the insurance process and enhancing the customer experience. Weather Index Insurance is another remarkable offering from Igloo, enabling customers to protect their assets against the adverse effects of weather-related events, such as droughts or storms. These innovative products highlight Igloo’s commitment to addressing emerging customer needs and providing tailored coverage options.
Utilization of Funding
The substantial funding secured by Igloo will be strategically allocated to pursue both horizontal and vertical M&A opportunities. This approach will enable Igloo to expand its market presence, enhance its product portfolio, and leverage synergies with complementary businesses. Moreover, the funding will support an increase in Igloo’s workforce by 20%, ensuring the company has the required talent and resources to drive further innovation and growth.
CEO Statement
Raunak Mehta, Co-Founder and CEO at Igloo, expressed his enthusiasm for the company’s achievements, stating, “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 network.” Mehta’s statement reflects Igloo’s unique position in the market, leveraging its financial strength, breadth of offerings, and extensive distribution network to solidify its leadership position in the region.
The recent $36 million Pre-Series C funding round, led by Eurazeo, has catapulted Igloo into a strong position for future growth and expansion. The company’s ability to secure significant investment from renowned industry players showcases the recognition of its innovative solutions and strong market potential. With a track record of successful fundraising, a commitment to doubling its Gross Written Premiums, and a range of cutting-edge offerings, Igloo is poised to make a lasting impact in the insurance industry. As the insurtech continues to disrupt traditional insurance models, Igloo’s innovative approach and strategic funding will pave the way for a prosperous future.