Igloo raises $19 million
Singaporean insurance startup Igloo has raised $19 million in Series B funding led by Cathay Innovation, with participation from ACA and other existing investors including Openspace. To date, Igloo has raised ~$36 million.
Founded in 2016 by former Grab CTO Wei Zhu, Igloo offers insurance via a B2B2C model and it works with close to 30 partners across Indonesia, China, Singapore, Thailand, Vietnam, Malaysia, and Australia in e-commerce, telecommunications, and banking. The startup offers a variety of insurance products such as auto, cyber, travel, and accident.
“COVID was a watershed moment for the entire insurtech industry as the pandemic further emphasised the need to bring insurance to a wider audience. Under the stewardship of Raunak, Igloo responded with creativity and pace, and has now captured a leading share of the regional market. We’ve been active partners since 2018, and it was encouraging to see the team come together and find opportunities amidst the tumult.” – Ian Sikora, executive director at Openspace.
“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.” – Rajive Keshup, director for Cathay Innovation in Southeast Asia.