Singapore-based insurance technology company Igloo has received $27 million in an extended Series B funding round led by InsuResilience Investment Fund II, which is managed by BlueOrchard Finance, along with Women’s World Banking Asset Management, Finnfund, La Maison and Cathay Innovation.
This brings its total proceeds from its Series B round to $46 million. It initially raised $19 million in March in a round led by Cathay Innovation.
WHAT IT DOES
Since its inception in 2016, Igloo has been providing accessible and affordable insurance to underserved communities in Southeast Asia, especially gig economy workers and small businesses. It leverages big data, real-time risk assessment, and end-to-end automated claims management to offer technology solutions for insurers. To date, it has partnered with 55 companies across seven Southeast Asian countries, including Singapore, Indonesia, Thailand, the Philippines, Vietnam, Malaysia, India, and China.
At present, its platform has a portfolio of 15 insurance products, which include personal accident and single disease coverages, and facilitated over 300 million policies.
WHAT IT’S FOR
According to a press release, its latest investment will be used to “double down” on hiring engineering, product, design and data talent across Southeast Asia. It will also aid in its ongoing search for merger and acquisition opportunities.
Investors have taken notice of growing insurtech players in Asia since the start of the year. In February, Hong Kong-based Qumata raised $13 million more in Series A funding for its regional expansion. Health insurtech Rey Assurance from Indonesia scored $4.2 million in seed funding in July. Another insurtech company, Zopper from India, also secured $75 million in Series C funding in September for its ongoing expansion efforts.