31 January 2023
Founded in 2016, Igloo is a Singapore-based insurtech startup with full-stack capabilities to create and distribute innovative, high frequency, low premium digital insurance products. Igloo’s vision of ‘Insurance for All’ strongly echoes BNP Paribas Cardif’s mission to make insurance more accessible.
Since its creation, Igloo has been on a strong growth trajectory having consolidated partnerships with over 55 companies across 7 countries and over 15 products in its expanding product suite. It has facilitated over 300 million policies and increased gross written premiums by 30 times since 2019.
Based in Singapore, the insurtech Igloo has been making insurance accessible and affordable through data and technology in Southeast Asia. The Company leverages big data, real-time risk assessment and end-to-end automated claims management to create B2B2C insurance solutions for platform and insurance companies.
C.Entrepreneurs, the BNP Paribas Cardif fund managed by Cathay Innovation, invested in Igloo early 2020 for its Series A, and led the series B round in 2021. Igloo announced in December 2022 an additional US$27 million in its Series B extension, bringing a close to its Series B funding round at US$46 million. These 2 Series B rounds of investment comprised a consortium of impact investors including BlueOrchard, Women’s World Banking Asset Management (WAM), Finnfund, InsuResilience Investment Fund II La Maison, as well as Cathay Innovation, ACA and Openspace.
The latest funding round marks the confidence that investors have in the continued stellar performance of Igloo as it brings insurance coverage to large uninsured and underinsured segments in Southeast Asia. Igloo has championed financial inclusion for underserved communities across the region to help build a more sustainable future in line with the United Nations’ Sustainable Development Goals (UN SDGs).