Southeast Asian insurtech participant Igloo will get $27M extra in Collection B funding

Singapore-based insurance coverage know-how firm Igloo has obtained $27 million in an prolonged Collection B funding spherical led by InsuResilience Funding Fund II, which is managed by BlueOrchard Finance, together with Ladies’s World Banking Asset Administration, Finnfund, La Maison and Cathay Innovation.

This brings its whole proceeds from its Collection B spherical to $46 million. It initially raised $19 million in March in a spherical led by Cathay Innovation. 

WHAT IT DOES

Since its inception in 2016, Igloo has been offering accessible and reasonably priced insurance coverage to underserved communities in Southeast Asia, particularly gig economic system staff and small companies. It leverages massive information, real-time threat evaluation, and end-to-end automated claims administration to supply know-how options for insurers. So far, it has partnered with 55 corporations throughout seven Southeast Asian international locations, together with Singapore, Indonesia, Thailand, the Philippines, Vietnam, Malaysia, India, and China.

At current, its platform has a portfolio of 15 insurance coverage merchandise, which embrace private accident and single illness coverages, and facilitated over 300 million insurance policies. 

WHAT IT’S FOR

In response to a press launch, its newest funding will probably be used to “double down” on hiring engineering, product, design and information expertise throughout Southeast Asia. It would additionally help in its ongoing seek for merger and acquisition alternatives. 

MARKET SNAPSHOT

Buyers have taken discover of rising insurtech gamers in Asia because the begin of the yr. In February, Hong Kong-based Qumata raised $13 million extra in Collection A funding for its regional enlargement. Well being insurtech Rey Assurance from Indonesia scored $4.2 million in seed funding in July. One other insurtech firm, Zopper from India, additionally secured $75 million in Collection C funding in September for its ongoing enlargement efforts.