Page 8 - IGLOO PR REPORT - JANUARY 2024

Igloo closes US$36M Pre-Series C fundraise with 50% valuation

increase

● The regional insurtech has closed a US$36 million Pre-Series C funding round to support
its regional expansion via strategic acquisitions
● The company has seen a 50 per cent rise in its valuation as it achieves significant business
momentum in 2023, and moves closer to profitability in 2024
● Funding led by global investment firm Eurazeo, through its insurtech fund backed by the
insurer BNP 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

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