Singapore-based insurtech firm Igloo has closed a US$36 million ($48 million) pre-Series C funding round at an increased valuation of 50% from its Series B+ round in 2022 as the company moves closer to profitability.
Global investment firm Eurazeo — through its BNP Paribas Cardif-backed insurtech fund — led the round while previous investors Openspace and La Maison returned. The round brings the total amount raised by Igloo to US$100 million.
The new funding will go towards both horizontal and vertical mergers and acquisition opportunities. The company will also increase its workforce by 20% across engineering, commercial, strategy and insurance-focused verticals.
On the product and value chain enhancement aspect, Igloo looks to double down on motor, health, climate-related products, underwriting and claims digitisation as well as artificial intelligence and blockchain technologies.
Igloo is currently on track to double its 2022 gross written premiums, setting its path to profitability in 2024. It has facilitated over 500 million policies and established over 75 partnerships across six countries.
The company seeks to expand its product offerings to cover consumer finance, e-commerce and logistics.
