Igloo, a regional insurtech, recently sealed a $36 million Pre-Series C funding led by global investment firm Eurazeo. Eurazeo, through its insurtech fund backed by BNP Paribas Cardif, spearheaded this investment, with Openspace and La Maison, previous backers, reaffirming their confidence in Igloo’s business.
This funding marks a milestone for Igloo, arriving just months after their Series B+ round, bringing their total raised capital to $100 million. The company’s valuation has surged by 50% from its 2022 Series B+ round, signaling significant growth. With an eye on profitability by 2024, Igloo’s focus on doubling its 2022 Gross Written Premiums (GWP) while maintaining a low burn rate showcases its robust engineering and data-driven approach.
“With our investments in China, Indonesia, India, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia,” said Matthieu Baret, managing partner, Venture at Eurazeo.
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Igloo’s expansion efforts are evident, having facilitated 500 million policies and aiming to double its GWP from 2022. With over 75 partnerships across six countries, Igloo has shown its commitment to broadening its offerings across various sectors.
AI and blockchain technologies
The fresh investment will fuel Igloo’s M&A pursuits, workforce expansion by 20%, and enhancements in product lines like motor, health, and climate-related insurance, bolstered by AI and blockchain technologies. Specifically targeting the Philippines, a country with low insurance penetration, Igloo’s initiatives involve partnerships with e-commerce giants like Shopee and Lazada for gadget protection programs. It has introduced tailored products for MSMEs, travelers, and even Product Liability Insurance.
Its upcoming platform, Ignite by Igloo, aims to digitize the insurance value chain, initially targeting 22,000 intermediaries with plans to expand to 50,000 by the year’s end. Igloo’s Weather Index Insurance (WII), designed for farmers, utilizes blockchain technology and has gained traction, covering 20,000 hectares of farms since its launch.
“The support from our investors is a testament to Igloo’s steady growth and resilience amid macro headwinds and a validation of our strategy,” said Raunak Mehta, co-founder and CEO at Igloo.
Igloo’s trajectory involves scaling operations, innovating products, and leveraging partnerships to tap into the potential of Southeast Asia’s burgeoning insurance market, with a particular focus on the Philippines’ untapped landscape.