Page 17 - IGLOO PR REPORT - JANUARY 2024

1/16/24, 1:48 PM Igloo closes US$36mln Pre-Series C fundraise with 50% valuation increase
its mid-stage fund, OSV+, which is focused on the Series C and D rounds of transformative technology
companies in Southeast Asia.

Matthieu Baret, Managing Partner – Venture at Eurazeo shared: “We are thrilled to invest in Igloo with
the insurer BNP Paribas Cardif. With our investments in China, Indonesia, India, and Singapore, we're

extending our footprint with the ambition to become a leading player in Asia.”

“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.

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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."

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