Igloo closes $36M pre-series C fundraise with 50% valuation increase

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Igloo, a regional insurtech, has successfully concluded a Pre-Series C funding round, securing $36 million. Leading this investment is global firm Eurazeo, supported by its insurtech fund in collaboration with BNP Paribas Cardif. Openspace and La Maison, participants in Igloo’s previous fundraising rounds, have also joined in, expressing confidence in the company’s strong business foundation. The investment from Eurazeo comes through its insurtech fund, focusing on innovative technologies disrupting the insurance sector. Openspace’s investment is via its mid-stage fund, OSV+, concentrating on Series C and D rounds of transformative tech companies in Southeast Asia.

Matthieu Baret, Managing Partner – Venture at Eurazeo, expressed excitement about investing in Igloo alongside BNP Paribas Cardif, aiming to become a leading player in Asia. Albert Shyy, Managing Director at Eurazeo, commended Igloo’s evolution into a diversified insurance platform, emphasizing its potential to make insurance more accessible in Southeast Asia.

This funding round follows Igloo’s Series B+ round just 10 months ago, led by InsuResilience Investment Fund II. With this round, Igloo’s total raised capital reaches $100 million. Notably, the Pre-Series C round closed at a 50% increased valuation from its Series B+ round in 2022, aligning with the company’s path toward profitability in 2024.

Jessica Huang Pouleur, Partner at Openspace Ventures, expressed enthusiasm for further investment in Igloo, emphasizing the company’s growth and steps toward profitability. Igloo is positioned to double its 2022 Gross Written Premiums (GWP) with a low burn rate, reinforcing its engineering core, data focus, and path to profitability by 2024.

Igloo targets the untapped potential of Asia’s insurance market, particularly in emerging economies like Indonesia, Vietnam, and the Philippines. Despite rising insurance adoption, many individuals remain underinsured. Igloo stands out with its innovative approach to address challenges across the insurance value chain, attracting investor attention.

Igloo has introduced innovative offerings, including Ignite by Igloo, a digital platform enhancing sales intermediaries’ productivity in Vietnam and Indonesia. Another notable product is Weather Index Insurance, a blockchain-based parametric insurance for farmers, gaining interest for its potential in the agricultural sector. Igloo aims to expand its partnerships and product offerings, doubling its GWP from 2022.

The newly secured funds will support both horizontal and vertical M&A opportunities, expanding Igloo’s workforce by 20% and enhancing its product and value chain. Raunak Mehta, Co-Founder and CEO at Igloo, expressed gratitude for investor support, highlighting Igloo’s steady growth, diverse product portfolio, and extensive distribution line in Southeast Asia.