Singapore insurance start-up Igloo lifts Series B to $46m
Singapore-based insurance technology start-up Igloo has added USD 27m to an initial USD 19m in Series B funding raised in March. Swiss impact investor BlueOrchard led the extension.
BlueOrchard is investing via its InsuResilience Investment Fund II, a joint venture with German development bank KfW that aims to address climate change by improving access to and the use of insurance in developing countries. InsuResilience was active in Southeast Asia as recently as April with an investment in Cambodia’s Forte Insurance.
Women’s World Banking Asset Management, Finnfund, La Maison, and Cathay Innovation also backed the latest investment. Cathay led the initial Series B tranche with support from ACA Investments and Openspace Ventures.
“Women are a major contributor to the economic activity in Southeast Asia and Igloo’s technology-led impactful model plays a critical role in securing their financial resilience by making insurance accessible to the most vulnerable and underserved segments”, Rajat Arora, head of Asia at Women’s World Banking Asset Management, said in a statement.
Igloo, formerly known as Axinan, is the first full-stack insurance technology company to emerge from Singapore and the only major player to be active across Southeast Asia. It has offices in Singapore, Indonesia, Thailand, the Philippines, Vietnam, and Malaysia, as well as tech centres in China and India.
The idea is to make insurance accessible by leveraging big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C products for platform companies and insurance companies. This service is said to help companies eliminate exposure to operational risk, create new revenue streams, and enhance operations.
Igloo has more than 55 partners across insurance, telecom, e-commerce, hospitality, health-tech and financial services. It has facilitated over 300m policies and increased gross written premiums 30x since 2019.
The company also claims to be at the forefront of addressing underinsurance for gig economy segments, having partnered with delivery company Foodpanda in Thailand, Singapore, and the Philippines.
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