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

fundraise with 50% valuation increase

January 15, 2024 11

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- Regional insurtech Igloo 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

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