Singapore insurtech firm secures $27m in series B extension round

Igloo, a Singapore-based insurtech firm, has raised US$27 million in an extension of its series B funding round led by InsuResilience Investment Fund II – a fund initiated by German development bank KfW and managed by impact investor BlueOrchard Finance.

With the initial US$19 million series B funding that Igloo raised in March, the firm has secured a total of US$46 million for the round. This brings its total funds raised to over US$63 million.

Igloo’s chief executive Raunak Mehta / Photo credit: Igloo

Founded by former Grab chief technology officer Wei Zhu in 2016, Igloo helps companies provide insurance solutions to their users and partners. It has worked with more than 55 enterprises in the insurance, telco, ecommerce, and hospitality sectors, among others.

Earlier this year, the firm promoted Raunak Mehta, its former chief commercial officer, as its new co-founder and CEO.

Since 2019, Igloo has facilitated more than 300 million policies and increased its gross written premiums by 30x. It currently operates in Singapore, Indonesia, Vietnam, the Philippines, Thailand, and Malaysia.

The firm plans to use the fresh funds for product development and hiring purposes. It is also in the process of “identifying and closing” various M&A opportunities.

See also: Full-stack insurtech is taking over SEA

Other investors in the round include:

• Women’s World Banking Asset Management
• Finnfund
• La Maison
• Cathay Innovation