Page 22 - IGLOO PR REPORT - JANUARY 2024

1/16/24, 1:48 PM Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase
Igloo closes US$36M Pre-Series C fundraise with

50% valuation increase

Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase

The regional insurtech has closed a US$36 million Pre-Series C funding round to support its regional
expansion via strategic acquisitions
The company has seen a 50 per cent rise in its valuation as it achieves significant business momentum in
2023, and moves closer to profitability in 2024
Funding led by global investment firm Eurazeo, through its insurtech fund backed by the insurer BNP Paribas
Cardif, with participation from Openspace’s OSV+, and returning investor La Maison

UAE, January 15, 2024– Regional insurtechIgloo today announced that it has closed a US$36 million Pre-
Series C funding round. Global investment firm Eurazeo, through its insurtech fund backed by the insurer BNP
Paribas Cardif, led the investment. Openspace and La Maison, who previously participated in Igloo’s Series B
and Series B+ fundraises, also joined in, reaffirming their confidence in the company’s strong business
fundamentals. Eurazeo invested through its insurtech fund focused on innovative technologies and business
ideas disrupting the insurance industry, whilst Openspace’s investment in this round comes via 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.

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.
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