Page 13 - IGLOO PR REPORT - JANUARY 2024

“We have been following Igloo for some time now and have been impressed with their
evolution into a diversified insurance platform across channels and products. The insurance

market in Southeast Asia is still very underpenetrated and we believe Igloo is in a strong
position to help solve this by making insurance more easily accessible and understandable

for consumers,” shared Albert Shyy, Managing Director, Eurazeo.

This latest round comes just 10 months after Igloo’s previous Series B+ fundraise led by

BlueOrchard-managed InsuResilience Investment Fund II. In total, the company has raised
US$100 million. Notably, Igloo’s Pre-Series C round closed at an increased valuation of 50

percent from its Series B+ round in 2022, as the company moves closer to profitability in
2024. Igloo is on track to double its 2022 Gross Written Premiums (GWP) at a low burn

rate; its robust engineering core and data focus, the company’s path to profitability in 2024
is set.

“We’re always thrilled when the opportunity arises to keep investing in a company at the
mid-stage that we’ve previously backed – and Igloo’s recent growth and steps towards

profitability have given us further confidence in the business’s ability to capture and expand
the insurance market in Southeast Asia,” said Jessica Huang Pouleur, Partner, Openspace

Ventures. “Our team has been actively involved in working with Igloo to this point, and those
existing relationships will enable us to seamlessly continue adding operational and
commercial value as the business integrates, acquires, and strengthens capabilities.”

Asia’s insurance market is brimming with untapped potential, especially in emerging

economies like Indonesia, Vietnam, and the Philippines. Despite the rising adoption of
insurance, many remain underinsured. This vast, underserved demographic has caught the
attention of investors, with companies like Igloo standing out due to their innovative

approach to the evolving landscape in these markets – addressing pain points across the
insurance value chain for insurers, sales intermediaries, retailers and consumers.

Igloo’s recent scores include two innovative offerings. In 2022, it launched Ignite by Igloo, a

digital platform that enhances the productivity of sales intermediaries in Vietnam and
Indonesia. Ignite by Igloo works with 22,000 sales intermediaries and agent partners and

aims to close 2023 with 50,000 agents as it expands into other markets. In line with Igloo’s

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