Insurtech startup Igloo raises further US$27m funding; looking at M&A
IGLOO, a Singapore-based insurtech startup, has raised an additional US$27 million in Series B funding, in an extension to the US$19 million round earlier in March.
The latest round was led by the InsuResilience Investment Fund II, a fund initiated by the German development bank KfW and managed by impact investor BlueOrchard Finance.
It was joined by WWB Capital Partners II, which is managed by Women’s World Banking Asset Management, as well as investment firms Finnfund and La Maison and global venture firm Cathay Innovation, which had led the March round.
Igloo was founded in 2016 by former Grab chief technology officer Wei Zhu, who was later replaced by Raunak Mehta as the startup’s chief executive.
The company specialises in developing customised insurance solutions. For instance, it has worked with Indonesian e-wallet operator Dana to come up with an insurance product specifically for gamers.
The startup also partnered foodpanda in Thailand, Singapore and the Philippines to provide insurance for delivery riders. It recently launched a parametric Weather Index Insurance product in Vietnam to protect rice farmers against adverse weather risks.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Igloo said that the latest fundraise provides it with a “comfortable multi-year runway”, and that it is now “in the process of identifying and closing on various merger and acquisition opportunities”. The startup also plans to attract more engineering, product, design and data talent; half of its current team is already committed to research and development.
“We are now well positioned to leverage our expertise and accelerate our growth across the region, and further strengthen our products and services portfolio that addresses the traditional insurance gaps,” said Mehta.
Mahesh Joshi, head of Asia private equity investments at BlueOrchard, said that the startup has a “profitable, sustainable and socially-conscious business model”.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups & Tech
Perfume subscription service I’vre closes, amid police probe on unfulfilled orders and refunds
Indonesia agritech startup Elevarm bags US$2.6 million in seed round led by Insignia
Grab-led GXBank teams up with Zurich to offer affordable insurance
GoTo eyes private placement of 120.1 billion shares
SoftBank leads US$1 billion funding for UK self-driving startup Wayve
NSG BioLabs bags US$14.5 million funding; inks tie-ups with Merck, EnterpriseSG