What is Igloo?
Igloo stands out as Singapore's pioneering full-stack insurtech company, with a strategic presence across Southeast Asia, including offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam, and Malaysia, complemented by tech centers in China and India. The company's core mission is to democratize insurance accessibility for everyone. It achieves this by harnessing the power of big data, employing real-time risk assessment methodologies, and implementing end-to-end automated claims management systems. These capabilities enable Igloo to deliver sophisticated B2B2C insurance solutions tailored for both platform companies and traditional insurance providers. Through its innovative offerings, Igloo empowers partner companies to mitigate operational risks, unlock new revenue streams, and enhance their existing product and service portfolios. The firm has already established strategic partnerships with over 55 reputable brands across diverse sectors such as insurance, telecommunications, e-commerce, hospitality, health tech, and financial services.
How much funding has Igloo raised?
Igloo has raised a total of $90.2M across 3 funding rounds:
Series A
$8.2M
Series B
$46M
Other Financing Round
$36M
Series A (2020): $8.2M with participation from Cathay Innovation, Partech International, Openspace Ventures, Singtel Innov8, and Linear Capital
Series B (2022): $46M led by Cathay Innovation, BlueOrchard Finance, La Maison, and Finnfund
Other Financing Round (2023): $36M supported by La Maison Partners, Eurazeo, and OSV
Key Investors in Igloo
Cathay Innovation
Cathay Innovation is a global venture capital firm that supports entrepreneurs by connecting them to a worldwide ecosystem. The firm invests in multi-stage startups that are making a positive impact through technology, focusing on sectors such as AI, healthcare, and sustainable delivery solutions.
Partech International
Partech is a global investment firm with offices in San Francisco, Paris, Berlin and Dakar, bringing together capital, operational experience and strategic support for entrepreneurs at seed, venture and growth stages across multiple continents.
Openspace Ventures
Openspace Capital is a multi-strategy asset manager specializing in Southeast Asia, with a focus on tech-native and tech-enabled businesses across various stages of development, leveraging Active Intelligence to enhance growth and sustainability.
What's next for Igloo?
With its recent major strategic investment and a cumulative funding of $90.2M, Igloo is well-positioned for its next phase of growth. The company's focus on leveraging advanced technology for insurance solutions indicates a strategic direction towards scaling its operations across existing and new markets. Future developments are likely to involve further enhancement of its big data analytics and AI capabilities for more precise risk assessment and personalized insurance products. The company's expansion into multiple Southeast Asian countries suggests a strategy aimed at capturing a significant share of the region's burgeoning digital economy. Continued investment in its tech centers in China and India will likely support its product development and innovation pipeline, solidifying its role as a key player in the global insurtech arena.
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