The new funds will be used to expand the firm's reach in Southeast Asia, strengthen its tech capabilities, acquire licenses and drive talent acquisition.
Singapore insurtech Igloo, formerly known as Axinan, has closed its Series A+ round, bringing its total funds raised to $16 million.
The round was led by InVent, the corporate venture capital arm of Intouch Holdings. It joins existing investors Openspace Ventures and Linear Capital, and new investors Singtel Innov8, Cathay Innovation and Partech Partners, which also participated, according to a statement on Friday.
The firm operates in Singapore, Indonesia, Malaysia, Thailand, the Philippines and Australia, and has a digital insurance product line that caters to Southeast Asia's growing population of digitally savvy consumers.
Strong Growth
Founded in 2016, by former Grab chief technology officer Wei Zhu, the firm leverages big data, actuarial risk management and machine-learning processes to develop insurance products tailored for the online space.
Igloo works with leading e-commerce and travel players in Southeast Asia including Bhinneka, Bukalapak, Lazada, RedDoorz, Shippit and Shopee, as well as regional insurance partners Allianz, Baoviet, FWD Singapore, Mercantile and Sompo. Its insurance products have been used by over 15 million customers, protecting over 50 million transactions between February 2019 and February 2020.
