Feeling chilly? Not Igloo! This Singaporean insurtech startup just raised $36M in Pre-Series C funding, increasing their valuation by 50%.

• They raised a total of $46M for their Series B last year. 

Investor check. This time French investment firm Eurazeo led the round, while La Maison and Openspace Ventures’ OSV+ also joined in!

• This bumps the company’s total funding raised to over $100M.

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❄️ Let Igloo

Igloo partners with global companies to enable them to offer insurance to their customers. They work with companies like Lazada, Shopee, the Philippines’ GCash, Indonesia’s Dana, and many more!

• They cover gadget, loan protection, health and accident incidents, and more! 
• Oh, and using machine learning they also assess risk to help them calculate fair prices. 

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🧊 The growth

In 2022, Igloo generated a 44% YoY increase in revenue, achieving $3.8M according to regulatory filings.  On the flip side, it grew its net loss from $11.4M, up 57% compared to 2021.

They’re currently expanding their product offerings to grow vertically. 

• Ignite by Igloo. Active in Indonesia and Vietnam, this app lets agents onboard clients, manage claims, sell insurance, and more, boosting their productivity. 
• Weather Index Insurance. An index-based insurance offering for Vietnamese farmers that allows them to settle claims faster and increase resilience to climate risk.

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⛸️ Never frozen in place

Igloo is on track to achieve profitability by 2024. They’ll look into vertical and horizontal acquisition opportunities and also work on growing their workforce by 20%. 

• The startup also plans to double their gross written premium (they’ve facilitated over 500M policies so far).