Singapore-based InsurTech Igloo nets $19m

InsurTech company Igloo has closed its Series B funding round on $19m, as it looks to bolster its presence in Southeast Asia.

Global venture capital firm Cathay Innovation served as the lead investor, with commitments also coming from ACA and Openspace.

Funds from the round will be used to bolster its product innovation efforts and its full-stack capabilities, as well as acquire intermediary assets. As part of its growth efforts, it will further target the underinsured in Southeast Asia.

Singapore-based Igloo builds insurance infrastructure which is powered by artificial intelligence and big data to help customers find policies which best meet their lifestyle and needs.

It offers insurance solutions for auto, cybersecurity, electronic and personal goods, e-wallet, personal accident, single disease, transit and travel. The company will soon launch solutions for pet insurance. 

Igloo recently launched a new app, Ignite by Igloo, to streamline the insurance sales journey for agents and direct intermediaries. It aims to enhance the sellers’ productivity by creating a smoother and efficient sales process.

Cathay Innovation director Rajive Keshup said, “At Cathay we are firm believers in financial access and inclusion for Southeast Asia and so Igloo’s mission is one which deeply resonates with us on many levels. 

“We have been honoured to be part of the journey, witnessing Raunak and the team build from strength to strength, expanding regionally at breakneck speed all while navigating COVID. We are incredibly excited for what is to come next for the team at Igloo.”

With the close of the round, the company has raised a total of $36m. It previously raised $8.2m in funding back in 2020.

Alongside the funding round, Igloo has promoted Raunak Mehta, previously chief commercial officer, as its new co-founder and chief executive officer (CEO).

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