Southeast Asian insurtech participant Igloo will get $27M extra in Sequence B funding



Singapore-based insurance coverage expertise firm Igloo has acquired $27 million in an prolonged Sequence B funding spherical led by InsuResilience Funding Fund II, which is managed by BlueOrchard Finance, together with Girls’s World Banking Asset Administration, Finnfund, La Maison and Cathay Innovation.

This brings its whole proceeds from its Sequence B spherical to $46 million. It initially raised $19 million in March in a spherical led by Cathay Innovation. 

WHAT IT DOES

Since its inception in 2016, Igloo has been offering accessible and reasonably priced insurance coverage to underserved communities in Southeast Asia, particularly gig financial system staff and small companies. It leverages huge information, real-time danger evaluation, and end-to-end automated claims administration to supply expertise options for insurers. So far, it has partnered with 55 firms throughout seven Southeast Asian international locations, together with Singapore, Indonesia, Thailand, the Philippines, Vietnam, Malaysia, India, and China.

At current, its platform has a portfolio of 15 insurance coverage merchandise, which embody private accident and single illness coverages, and facilitated over 300 million insurance policies. 

WHAT IT’S FOR

In keeping with a press launch, its newest funding might be used to “double down” on hiring engineering, product, design and information expertise throughout Southeast Asia. It’s going to additionally support in its ongoing seek for merger and acquisition alternatives. 

MARKET SNAPSHOT

Traders have taken discover of rising insurtech gamers in Asia for the reason that begin of the 12 months. In February, Hong Kong-based Qumata raised $13 million extra in Sequence A funding for its regional enlargement. Well being insurtech Rey Assurance from Indonesia scored $4.2 million in seed funding in July. One other insurtech firm, Zopper from India, additionally secured $75 million in Sequence C funding in September for its ongoing enlargement efforts.

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