Regional InsurTech Igloo revealed yesterday that it had successfully funded an extra $27 million in its Series B extension, making the total raised to $46 million.
Cathay Innovation led the original Series B capital offering of US$19 million in March of this year. ACA and other current investors, including OpenSpace, also contributed.
A group of impact investors, including BlueOrchard, Women's World Banking Asset Management (WAM), and Finnfund, participated in this round of funding. Along with WAM, Finnfund, La Maison, and Series B lead investor, Cathay Innovation, the InsuResilience Investment Fund II, which was started by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and is managed by impact investor BlueOrchard Finance Ltd., led the capital extension.
Igloo has so far established relationships with over 55 businesses from seven different countries, adding more than 15 goods to its ever-expanding product line. Since 2019, it has facilitated more over 300 million policies and tripled gross written premiums. Since its start, Igloo has used data and technology to make insurance accessible and affordable in Southeast Asia. It is the only insurtech company in the region, and all of the main economies in the region contribute to its success.
In order to contribute to the creation of a more sustainable future in line with the Sustainable Development Goals of the United Nations, Igloo has promoted financial inclusion for marginalized populations around the region (UN SDGs). By offering comprehensive and reasonably priced insurance for delivery riders through its Foodpanda partnerships in Thailand, Singapore, and the Philippines, as well as Lozi and Ahamove in Vietnam, it has been in the forefront of addressing underinsurance for gig economy areas.
In Vietnam, one of the top five nations for rice exports, Igloo recently debuted its first parametric Weather Index Insurance product. The system automates claims payouts computed using pre-assigned values for losses caused by weather events or natural calamities utilizing blockchain-based smart contracts, reducing the loss of production and livelihoods that paddy farmers endure during unfavorable weather occurrences. It is the first parametric insurance offered in Vietnam and the first time the company has integrated smart contracts with insurance.
Igloo has a good multi-year runway thanks to the increased funding. Igloo wants to increase its efforts to recruit the top engineering, product, design, and data talent worldwide with 50% of its team dedicated to research and development. Igloo is also working to find and close on a variety of M&A options to help it advance quickly toward its goal of "Insurance for All."
"The support from our investors highlights the significance of our technological solution in making insurance accessible and inexpensive for the underprivileged communities, notably gig economy workers and MSMEs," stated Mr. Raunak Mehta, co-founder and CEO of Igloo. Building sustainable ecosystems is a need for us as a top InSurTech company in Southeast Asia. We are now in a good position to take use of our knowledge, expand quickly throughout the region, and further develop our portfolio of goods and services that fill the holes in conventional insurance.
The first full-stack InsurTech company to come out of Singapore is Igloo. Additionally to IT hubs in China and India, it has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam, and Malaysia. The company uses big data, real-time risk assessment, and end-to-end automated claims processing to provide B2B2C insurance solutions for platform firms and insurance companies with the goal of ensuring that insurance is affordable for everyone.
