Singapore-based insurtech startup Igloo has raised an additional $27 million in an extension of its Series B funding round, bringing the total capital raised for the round to $46 million.
Launched in 2019, Igloo seeks to make insurance accessible and affordable through data and technology in Southeast Asia. The startup has been addressing underinsurance for gig economy segments by providing comprehensive and competitively priced insurance for delivery riders, through its partnerships with Foodpanda in Thailand, Singapore, and the Philippines, as well as Lozi and Ahamove in Vietnam.
Igloo has forged partnerships with over 55 companies across seven countries and launched over 15 products in its expanding product suite. The startup claims it has facilitated over 300 million policies and increased gross written premiums by 30x since inception.
Igloo says the additional funds provide it with a comfortable multi-year runway. With 50% of the team committed to research and development, the insurtech company plans to double down on attracting the best engineering, product, design and data talent.
The first tranche of $19 million was announced in March, and led by Cathay Innovation, with participation from ACA and returning investors OpenSpace.
The newest round was led by the InsuResilience Investment Fund II, which was launched by the German development bank KfW for the German Federal Ministry for Economic Cooperation.