Igloo, a Singapore-based insurtech startup, has successfully raised $36 million in a pre-Series C funding round. The round was led by Eurazeo’s insurance tech fund and saw participation from Openspace’s OSV+ and Paris-based investor La Maison.
The newly acquired funds will be utilized by Igloo to explore merger and acquisition opportunities, thereby strengthening its presence in Southeast Asia’s burgeoning insurtech sector.
The company will be targeting horizontal M&A opportunities in the form of new licenses, and vertical ones in the form of innovative distribution models or technology that can enhance Igloo’s existing tech stack.
Operating on a business-to-business-to-consumer model, Igloo serves as a distributor of insurance products to enterprise clients. Its insurance partners include industry leaders such as Etiqa, Sompo Insurance, and Chubb. The company also boasts of a diverse clientele including e-commerce giants like Lazada and Shopee.
Igloo offers a wide array of products ranging from e-commerce purchase protection and mobile phone insurance to pet protection solutions and health insurance for gamers. In a recent development, the company has also introduced weather index coverage for farmers.
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