Igloo, a Singapore-based company in the insurance technology space, has secured an extra $27 million in a Series B investment round extension, bringing the total amount collected for the round to $46 million.
Igloo, which was established in 2019, aims to use data and technology to make insurance accessible and inexpensive across Southeast Asia. By offering comprehensive and reasonably priced insurance for delivery riders through its agreements with Foodpanda in Thailand, Singapore, and the Philippines, as well as Lozi and Ahamove in Vietnam, the firm has been tackling underinsurance for gig economy segments.
Igloo has established alliances with more than 55 businesses in seven nations and introduced more than 15 goods as part of its growing product line. According to the firm, it has enabled more than 300 million policies and 30x more gross written premiums.
Igloo claims that the extra money gives it a comfortable multi-year runway. The insurtech startup intends to double down on recruiting the top technical, product, design, and data experts, with 50% of the staff dedicated to research and development.
ACA and returning investors OpenSpace joined Cathay Innovation in the $19 million initial tranche, which was disclosed in March.
The InsuResilience Investment Fund II, which was established by the German development bank KfW for the German Federal Ministry for Economic Cooperation, served as the lead investor in the most recent round.
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