Insurtech startup Igloo raises US$19m in Series B round; names new CEO and co-founder

INSURANCE technology (Insurtech) startup Igloo has raised US$19 million in a Series B round, with Cathay Innovation as the lead investor.

Existing investors Openspace Ventures and ACA Investments also joined the round. Including the Series B round, Igloo has raised more than US$36 million.

Along with the fundraise, founder Wei Zhu is stepping down as chief executive officer, but will remain on the board. Chief commercial officer Raunak Mehta will be promoted to chief executive officer and co-founder to replace Wei.

"I'm delighted to continue to play a part in Igloo's growth and evolution as part of its board," said Wei.

Igloo has tripled its Gross Written Premium facilitation, or the total premium an insurer would receive before commissions in 2021. It currently has over 30 partners, ranging from e-commerce platform Shopee and Indonesian Telco Telkomsel to e-wallet Dana and insurance provider MSIG.

The startup helped underwrite 75 million policies in South-east Asia in 2021 alone, and has processed 150 million policies to date. Igloo has also entered new markets in the Philippines, Malaysia, Vietnam, Thailand and Indonesia, and also in Singapore.

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The funding will be used to invest into its full insurance stack capabilities, which ranges from cybersecurity insurance and e-wallet insurance to transit and travel insurance. Funds will also be allocated to innovating its risk assessment and artificial intelligence-powered claims assessment tools.

Besides continuing product development and distribution to the underinsured in South-east Asia, the funds will also be used for potential acquisitions of assets that are in line with Igloo's strategy.

Mehta said: "With the continued backing of our investors, we are well-positioned to expand our operations in countries like Vietnam, the Philippines, and Malaysia, and provide a highly localised offering for each South-east Asian market."

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