Singapore-based insurtech Igloo has successfully raised $36 million in a Pre-Series C funding round, led by Eurazeo, a global investment firm. With participation from Openspace’s OSV+ and returning investor La Maison, this latest funding round comes just 10 months after Igloo’s previous Series B+ fundraising and brings the total amount raised to an impressive $100 million. The significant investment will be used to support Igloo’s regional expansion through strategic acquisitions, further enhancing its position in the Southeast Asian insurance market.
Expanding Horizons for Igloo
With Eurazeo’s investment, Igloo is well-positioned to embark on its planned regional expansion, aiming to tap into new markets and strengthen its presence in existing ones. The insurtech company intends to use the funding to bolster its workforce, increasing it by 20% to ensure sufficient capacity for growth. Additionally, Igloo plans to double down on various areas, including motor, health, climate-related products, underwriting and claims digitization, as well as AI and blockchain technologies. By focusing on these key aspects, Igloo aims to provide innovative and comprehensive solutions to meet the evolving needs of its customers.
Ignite by Igloo
In a recent development, Igloo launched “Ignite by Igloo,” a digital platform designed to enhance the productivity and efficiency of sales intermediaries operating in Vietnam and Indonesia. The platform currently collaborates with 22,000 sales intermediaries and aims to expand its reach to 50,000 agents by the end of 2023, establishing a strong network across the two countries. Notably, over 60% of the intermediary partners on the Ignite platform are female, aligning with Igloo’s commitment to promoting financial inclusion and empowering underserved segments of the population.
Revolutionizing Farmers’ Insurance with Blockchain
Igloo has already made significant advancements in the insurtech space with its weather index insurance, a blockchain-based parametric insurance specifically tailored for farmers. This groundbreaking solution has been adopted by thousands of farmers across Southeast Asia, providing them with greater security and protection against climate-related risks. By leveraging blockchain technology, Igloo ensures transparent and efficient claims settlement processes, enhancing the overall experience for farmers and bridging crucial gaps in the agricultural insurance sector.
Ambitious Growth Strategy
With ambitious goals in mind, Igloo aims to double its Gross Written Premium (GWP) starting in 2022. This objective underscores the company’s confidence in its innovative product offerings and strong market potential. Igloo has already established over 75 partnerships across six countries, cementing its position as a trusted insurance provider in the Southeast Asian region. By forging strategic collaborations with various stakeholders and leveraging its deep industry expertise, Igloo is well set on its path to success.
Eurazeo’s support and the future of insurance accessibility
Eurazeo’s leading role in Igloo’s latest funding round further validates the insurtech’s potential to revolutionize the insurance landscape in Southeast Asia. With its deep industry experience and global network, Eurazeo believes that Igloo is in a strong position to make insurance more accessible and understandable for consumers, especially in the underpenetrated markets of the region. By leveraging technology and prioritizing customer-centric solutions, Igloo is poised to enhance financial inclusion and provide comprehensive insurance coverage to a wider segment of the population.
The successful $36 million pre-Series C funding round led by Eurazeo highlights the immense growth potential and market confidence in Singapore-based insurtech Igloo. With a strong focus on regional expansion, acquisitions, and technological advancements, Igloo aims to consolidate its position as a leading insurtech company in Southeast Asia. With innovative products like Ignite by Igloo empowering sales intermediaries, and blockchain-based weather index insurance benefiting farmers, Igloo is actively addressing critical gaps in the insurance sector. With the support of strategic partners like Eurazeo, Igloo is poised to disrupt and shape the future of insurance accessibility and inclusivity in Southeast Asia’s emerging markets.