Insurtech firm Igloo announced that it has raised an additional US$27 million in its Series B extension, bringing its total funds raised for this tranche to US$46 million.
The initial Series B capital raise of US$19 million in March this year was led by Cathay Innovation, with further investments from ACA and other existing investors including OpenSpace.
The round was led by the InsuResilience Investment Fund II which was launched by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and development (BMZ) and managed by impact investor BlueOrchard Finance.
Other investors include Women’s World Banking Asset Management, Finnfund, La Maison, and Series B lead investor, Cathay Innovation.
Igloo plans to use the fund to attract engineering, product, design and data talent as well as to identify various M&A opportunities in the region.
The company has formed partnerships with over 55 companies across 7 countries and over 15 products in its expanding product suite.
Igloo has facilitated over 300 million policies and increased gross written premiums by 30 times since 2019.
Raunak Mehta
“The support from our investors underlines the value of our technology proposition in making insurance accessible and affordable for the underserved communities, especially gig economy workers and MSMEs.
We are now well positioned to leverage our expertise and accelerate our growth across the region and further strengthen our products and services portfolio that addresses the traditional insurance gaps.”
said Raunak Mehta, Co-founder and CEO, Igloo.
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- Source: https://fintechnews.sg/67305/insurtech/igloo-extends-series-b-to-us46-million-eyes-ma-opportunities/
