Page 38 - IGLOO PR REPORT - JANUARY 2024

1/16/24, 1:49 PM Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase - Middle East News 247
The new funding will go towards both horizontal and vertical M&A opportunities – having added intermediary
licenses across SEA this year, in addition to its license in Indonesia. It will also increase its workforce by 20%

across engineering, commercial, strategy and insurance-focused verticals. On the product and value chain
enhancement aspect, it looks to double down on motor, health, climate-related products, underwriting and
claims digitization and AI and blockchain technologies.

Raunak Mehta, Co-Founder and CEO at Igloo, shared, “The support from our investors is a testament to
Igloo’s steady growth and resilience amidst macro headwinds and a validation of our strategy. We are the

only insurtech in Southeast Asia with a robust profit and loss (P&L) statement, a diverse multi-product
portfolio, and an extensive distribution line.”

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