Insurtech Igloo secures $36M pre-series C to fuel expansion

Insurtech startup Igloo has successfully raised $36M in a pre-Series C funding round, with asset manager Eurazeo's insurtech fund taking the lead. This round also saw participation from existing investors, Openspace Ventures and La Maison.

• Company Status: Igloo's post-money valuation in Q4 2022 was $210M as per Alternatives. Pre-Series C valuation now stands 50% higher than the previous. Igloo's total fundraising to date is $100M.

• Key offerings by Igloo: Igloo offers "Ignite by Igloo" and their "Weather Index Insurance." "Ignite by Igloo" is a platform for insurance agents in Vietnam and Indonesia with over 22,000 agents so far and counting. It aims to raise its numbers to 50,000 through market expansion. "Weather Index Insurance" on the other hand is a blockchain-based insurance against adverse weather for farmers. It now covers 20,000+ hectares of farmland in Vietnam.

• Funding Use: With more than 500 million insurance policies facilitated so far, Igloo is set to utilize the funding to expand its reach and product portfolio through mergers and acquisitions with other insurtech startups or insurance companies within its operating markets.

• Workforce Increase: Additionally, the funding will help Igloo increase its workforce in engineering, commercial, strategy, and insurance roles, with a target to boost its headcount by 20%.

Raunak Mehta, Igloo's co-founder and CEO, views the investors' support as validation of Igloo's healthy growth and resilience amid macro headwinds.