Singtel’s VC arm joins $19m round of SG insurtech firm

Singapore-based insurtech firm Igloo has raised US$19 million in its series B funding round led by global VC firm Cathay Innovation.

Investors including Singtel Innov8, ACA Investments, Openspace Ventures, and Partech Ventures also joined the fundraise. The new round brings Igloo’s total funds raised to over US$36 million.

The Igloo team / Photo credit: Igloo

The company has also promoted Raunak Mehta, its former chief commercial officer, as its new co-founder and CEO. Since joining Igloo in 2018, he has spearheaded its market entry into the Philippines, Vietnam, Thailand, Indonesia, Australia, and Malaysia.

Igloo’s insurance platform helps businesses cut their exposure to operational risk, create new revenue streams, and optimize existing products and services. The company has partnered with over 50 firms in verticals such as insurance, telecommunications, ecommerce, hospitality, healthtech, and financial services.

The insurtech firm was founded in 2016 by Wei Zhu, a former CTO at Grab. He also previously worked at Facebook and Microsoft.

“Covid-19 was a watershed moment for the entire insurtech industry as the pandemic further emphasized the need to bring insurance to a wider audience,” said Ian Sikora, executive director at Openspace Ventures.

See also: Full-stack insurtech is taking over SEA

The latest investment will be used to develop Igloo’s risk assessment and AI-powered claims assessment tools. The firm’s product development and distribution will target underinsured low- to mid-income population segments in Southeast Asia.

The company tripled its gross written premiums in 2021 and is on track to provide 5% of general insurance premiums in Southeast Asia over the next five years.