InsuResilience Investment Fund II, a fund established by German development bank KfW and managed by impact investor BlueOrchard Finance, sponsored the extension of a Series B investment round for Igloo, a Singapore-based insurtech company, which raised US $27 million.
Igloo acquired a total of US $46 million for the series B investment round after raising the initial US $19 million in March. With this addition, it has now raised more than US $63 million in total.
Igloo is a company that assists businesses in offering insurance solutions to its consumers and partners. It was founded in 2016 by former Grab chief technology officer Wei Zhu. It has collaborated with more than 55 businesses in a variety of industries, including hotels, e-commerce, insurance, and telecom.
Raunak Mehta, the company’s previous chief commercial officer, was appointed as its new co-founder and CEO earlier this year.
Igloo has handled more than 300 million policies since 2019 and has seen a 30x rise in total written premiums. It presently conducts business in Malaysia, Singapore, Thailand, Vietnam, Indonesia, and the Philippines.
The company intends to use the additional capital for staffing and product development. Additionally, it is now “finding and closing” a number of M&A prospects.
