This investment round was led by global investment firm Eurazeo through its insurtech fund, supported by BNP Paribas Cardif. The round also saw participation from Openspace and La Maison, previous backers in Igloo's Series B and Series B+ rounds, signalling their continued trust in Igloo’s solid business foundation.
Eurazeo's contribution came from its dedicated fund for disruptive insurtech innovations, while Openspace invested through OSV+, a fund specialising in Series C and D rounds for transformative tech companies in Southeast Asia.
Matthieu Baret, managing partner, Venture, Eurazeo said, “We are thrilled to invest in Igloo alongside the insurer BNP Paribas Cardif. With our investments in China, Indonesia, India, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.”
“We have been following Igloo for some time now and have been impressed with their evolution into a diversified insurance platform across various channels and products. The insurance market in Southeast Asia is still very underpenetrated, and we believe Igloo is in a strong position to help solve this by making insurance more easily accessible and understandable for consumers,” said Albert Shyy, managing director, Eurazeo.
This latest funding follows Igloo's Series B+ round just 10 months prior, with a total capital raise of $100 million to date. Igloo has seen a notable 50 per cent valuation increase since its 2022 Series B+ round, moving towards profitability by 2024.
The company is on course to double its 2022 Gross Written Premiums with a low burn rate, thanks to its robust engineering and data-focused approach.
Jessica Huang Pouleur, partner at Openspace Ventures, said, "We're always thrilled when the opportunity arises to keep investing in a company at the mid-stage that we’ve previously backed – and Igloo’s recent growth and steps towards profitability have given us further confidence in the business’s ability to capture and expand the insurance market in Southeast Asia."
“Our team has been actively involved in working with Igloo to this point, and those existing relationships will enable us to seamlessly continue adding operational and commercial value as the business integrates, acquires, and strengthens capabilities,” Pouleur added.
Raunak Mehta, co-founder and CEO at Igloo, said, “The support from our investors is a testament to Igloo’s steady growth and resilience amidst macro headwinds and a validation of our strategy. We are the only insurtech in Southeast Asia with a robust profit-and-loss statement, a diverse multi-product portfolio, and an extensive distribution line.”
"With an insurance penetration rate of just 3.3 per cent, Vietnam presents significant growth potential for the insurance industry and remains a key market for Igloo. We are well-positioned to advance our mission to make insurance accessible for all. This additional funding will empower us to drive initiatives for further expansion in Vietnam," said Tri Nguyen, country manager Vietnam, Igloo.
Igloo stands out in Asia's burgeoning insurance market, particularly in emerging economies like Indonesia, Vietnam, and the Philippines, where underinsurance is prevalent. Its innovative solutions address critical challenges in the insurance value chain, catering to insurers, sales intermediaries, retailers, and consumers.
The insurer has issued over 500 million policies and has established more than 75 partnerships across six countries, expanding its offerings to include consumer finance, e-commerce, and logistics. The company was named ‘Insurtech of the Year’ by the Asia Fintech Awards in August.
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