Singapore-based InsurTech Igloo raises $36m in Pre-Series C round

By Gloria Mathias

Regional InsurTech Igloo has announced that it has closed a $36 million Pre-Series C funding round. Global investment firm Eurazeo, through its InsurTech fund backed by the insurer BNP Paribas Cardif, led the investment.

Openspace and La Maison, who previously participated in Igloo’s Series B and Series B+ fundraises, also joined in, reaffirming their confidence in the company’s business fundamentals.

“We have been following Igloo for some time now and have been impressed with their evolution into a diversified insurance platform across channels and products. The insurance market in Southeast Asia is still very underpenetrated, and we believe Igloo is in a strong position to help solve this by making insurance more easily accessible and understandable for consumers,” shared Albert Shyy, Managing Director, Eurazeo.

This latest round comes just 10 months after Igloo’s previous Series B+ fundraising led by BlueOrchard-managed InsuResilience Investment Fund II. In total, the company has raised $100 million.

“We’re always thrilled when the opportunity arises to keep investing in a company at the mid-stage that we’ve previously backed – and Igloo’s recent growth and steps towards profitability have given us further confidence in the business’s ability to capture and expand the insurance market in Southeast Asia,” said Jessica Huang Pouleur, Partner, Openspace Ventures.

The new funding will go towards both horizontal and vertical M&A opportunities – having added intermediary licenses across SEA this year, in addition to its license in Indonesia. It will also increase its workforce by 20% across engineering, commercial, strategy and insurance-focused verticals.

Raunak Mehta, Co-Founder and CEO at Igloo, shared, “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 (P&L) statement, a diverse multi-product portfolio, and an extensive distribution line.”