Singapore-based insurtech, Igloo has successfully closed its Series A+ funding round, bringing total funding to $16 million.
The Series A+ funding round was led by InVent, the corporate venture capital arm of Intouch Holdings PLC, an asset management and investment company. Igloo’s existing investors, Openspace Ventures, and Shanghai-based venture capital firm also participated in this round.
Other new investors included, Singtel Innov8, Cathay Innovation and Partech Partners.
“We see that digital insurance is on the rise in Southeast Asia, and we believe that Igloo, with our digital-first approach and expansion of our product portfolio into personal health, accident and other related products can help fill those gaps and address consumers’ needs for personal well-being,” Wei Zhu, founder and chief executive officer of Igloo said.
He shared that digital insurance penetration is low in the region, at only 6 percent today and Igloo aims to offer increased accessibility through its widened distribution networks and partners.
Narongpon Boonsongpaisan, head of InVent by Intouch Holdings, shared, “We believe that Igloo’s advanced tech stack can drive real change in the industry and bring the focus back to consumers’ needs.”
Igloo works with leading e-commerce and travel players in Southeast Asia including Lazada and Shopee as well as regional insurance partners including Allianz, Baoviet and Sompo.
The company since being founded in 2016 has gone on to benefit over 15 million customers with its insurance products, effectively protecting over 50 million transactions from February 2019 to February 2020.