Page 34 - IGLOO PR REPORT - JANUARY 2024

1/16/24, 1:49 PM Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase | MENAFN.COM
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

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