Insurtech Igloo secures $36m Pre-Series C funding

This follows Igloo’s Series B+ funding just 10 months ago, bringing the total raised to $100m. The company boasts two innovative offerings:

• Ignite by Igloo: Launched in 2022, this digital platform boosts sales intermediary productivity in Vietnam and Indonesia. With over 22,000 partners aiming for 50,000 by year-end, it focuses on expanding beyond current markets and empowering female entrepreneurs (over 60% of its partners).
• Weather Index Insurance: This blockchain-based parametric insurance for farmers, launched in November 2022, has attracted interest across Southeast Asia for its potential to benefit the agricultural sector. Thousands of farmers use it to cover over 20,000 hectares of coffee and padi farms.

Igloo has facilitated over 500m policies and aims to double its GWP from 2022. It has also forged over 75 partnerships across six countries, offering consumer finance, e-commerce, and logistics products. 

The new funding will fuel strategic acquisitions (both horizontal and vertical) as Igloo builds upon its existing intermediary licenses across Southeast Asia. It will also support a 20% workforce increase across key functions like engineering, commercial, strategy, and insurance. Additionally, Igloo plans to enhance its product offerings in motor, health, and climate-related insurance while further digitising underwriting and claims processes and leveraging AI and blockchain technologies.

Matthieu Baret and Albert Shyy of Eurazeo commented: “This investment expands our footprint in Asia, where we aim to be a leader. We’ve been impressed by Igloo’s diversified platform and believe they’re well-positioned to address Southeast Asia’s underpenetrated insurance market by making it more accessible and understandable.”

Igloo co-founder and CEO Raunak Mehta concluded: “This funding validates our growth and strategy. We’re the only Southeast Asian insurtech with a strong P&L, a diverse portfolio, and extensive distribution networks.”