Igloo, an insurance technology firm focused on Southeast Asia, has raised an additional US$27 million in an extension of its Series B funding round, bringing the total capital raised for the round to US$46 million.
The initial funding in March this year was led by Cathay Innovation, with further investments from ACA and other existing investors including OpenSpace.
The latest investment was led by the InsuResilience Invesment Fund II, initiated by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and managed by impact investor BlueOrchard Finance, along with Women’s World Banking Asset Management (WAM), Finnfund, La Maison, and Cathay Innovation.
Igloo says the additional funds provide it with a comfortable multi-year runway. With 50% of the team committed to research and development, the insurtech company plans to double down on attracting the best engineering, product, design and data talent. The firm is also in the process of identifying and closing on various merger and acquisition opportunities to help it move swiftly towards its vision of “Insurance for All”.
Igloo has forged partnerships with over 55 companies across seven countries and launched over 15 products in its expanding product suite. It has facilitated over 300 million policies and increased gross written premiums by 30x since 2019.
The company seeks to make insurance accessible and affordable through data and technology in Southeast Asia. It has been addressing underinsurance for gig economy segments by providing comprehensive and competitively priced insurance for delivery riders, through its partnerships with Foodpanda in Thailand, Singapore, and the Philippines, as well as Lozi and Ahamove in Vietnam.
Just recently, Igloo launched its first parametric Weather Index Insurance product in Vietnam, one of the top five rice-exporting countries. Utilizing blockchain-based smart contracts, the product automates claims payouts calculated using pre-assigned values for losses due to weather events or natural calamities.