Page 40 - IGLOO PR REPORT - JANUARY 2024

1/16/24, 1:49 PM Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase | Web Release
“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 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 thousands of farmers since launching last November and covers 20,000 hectares of coffee and padi

farms.

Igloo has facilitated over 500 million policies and aims to double its Gross Written Premium (GWP) from 2022. As of
today, it has also actively established over 75 partnerships across six countries, expanding its product offerings to cover

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