Insurtech startup Axinan closes series A+ round, rebrands as Igloo

Singapore-based insurtech startup Axinan said it has closed its series A+ funding, bringing the company’s total capital raised so far to US$16 million.

Igloo co-founder Wei Zhu / Photo credit: PayPal

The top-up was led by InVent, the corporate VC arm of Intouch Holdings, according to a statement. It also included participation from existing investors Openspace Ventures and Linear Capital, as well as new backers Singtel Innov8, Cathay Innovation, and Partech Partners.

In addition to the funding, the company also announced it has formally rebranded itself as Igloo in April 2020, effective across its current markets in Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Australia.

Founded in 2016 by former Grab chief technology officer Wei Zhu, Igloo is a full-stack insurtech company that offers digital insurance products, leveraging big data, real-time risk assessment, and end-to-end automated claims management. Its offerings range from travel and personal goods insurance products to accidents and disease insurance.

See also: Former Grab CTO wants to shake up insurance for the digital economy

Igloo also integrates with a number of ecommerce and travel players in the region, such as Bukalapak, Lazada, RedDoorz, Shippit, and Shopee, as well as insurance partners Allianz, Baoviet, FWD Singapore, Mercantile, and Sompo.

With the fresh capital, Igloo plans to extend its reach into Vietnam and widen its footprint in the Philippines and Thailand. With this, the startup said it will be doubling its business development and engineering teams across the region.

Additionally, the company looks to further reinforce its full-stack capabilities and focus more on customer acquisition, dynamic risk assessment, and expedited claims management. It claims to have served over 15 million customers since its establishment.

According to the statement, Igloo’s business potential lies in the region’s growing digital insurance market, currently valued at US$2 billion and expected to grow to US$8 billion by 2025.

In this market, the company goes head-to-head with companies such as CXA, PolicyStreet, and Gojek’s GoSure. One player in the space, Singapore’s PolicyPal, has recently been acquired by AMTD Digital, the digital finance arm of Hong Kong-based capital markets firm AMTD Group.