Page 26 - IGLOO PR REPORT - JANUARY 2024

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

of improving financial inclusion for underserved segments, over 60 per cent of Ignite by Igloo’s
intermediary partners are female.

Another innovation for Igloo is its Weather Index Insurance, a pioneering blockchain-based
parametric insurance for farmers. The product has drawn interest from partners in Vietnam and

across Southeast Asia for its potential to greatly benefit the agricultural sector. Despite its
novelty in a highly traditional sector, Weather Index Insurance has already been adopted by

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