Page 30 - IGLOO PR REPORT - JANUARY 2024

1/16/24, 1:49 PM Latest News
Paribas Cardif, with participation from Openspace’s OSV+, and returning investor La Maison

UAE, January 15, 2024 - 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 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

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