Page 43 - IGLOO PR REPORT - JANUARY 2024

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 value chain
for insurers, sales intermediaries, retailers and consumers.

https://lucidityinsights.com/news/igloo-closes-us36m-pre-series-c