Singapore-based insurtech Igloo has announced that it has successfully raised an additional $27 million in its Series B extension led by the InsuResilience Investment Fund II, bringing a close to the funding round at $46 million.
The InsuResilience Investment Fund II, initiated by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and Development, and managed by impact investor BlueOrchard Finance, led the capital extension, along with Women’s World Banking Asset Management, Finnfund, La Maison, and Series B lead investor, Cathay Innovation.
Igloo states that the additional funds provide it with a comfortable multi-year runway, adding that with 50% of Igloo’s team committed to research & development, the company plans to double down on attracting the best engineering, product, design and data talent across all geographies.
The firm also suggests that the latest funding round marks the confidence that investors have in the continued stellar performance of Igloo as it brings insurance coverage to large uninsured and underinsured segments in Southeast Asia.
Raunak Mehta, Co-Founder and CEO of Igloo, commented, “The support from our investors underlines the value of our technology proposition in making insurance accessible and affordable for the underserved communities, especially gig economy workers and MSMEs.
“As a leading insurtech firm in Southeast Asia, building sustainable ecosystems is a prerequisite for us. 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.”
Mahesh Joshi, Head of Private Equity Investments Asia at BlueOrchard, added, “With its expertise, capabilities and technology to develop products and solutions that directly benefit our target groups, Igloo is well positioned to advance our mission to protect vulnerable communities from the consequences of climate change by strengthening their resilience.
“We see a profitable, sustainable and socially-conscious business model that we are proud to back.”
