Singapore's insurtech company, Igloo has announced a successful achievement, securing $36 million in a pre-Series C funding round. The investment was led by Eurazeo, a global investment firm with an insurtech fund supported by BNP Paribas Cardif. This substantial funding milestone bolsters Igloo's standing within Asia's swiftly evolving insurance landscape. Openspace and La Maison, both previous investors from Igloo's Series B and B+ rounds, also participated, showcasing their continued belief in Igloo's robust business foundation. Openspace's investment was facilitated through its mid-stage fund, OSV+, focusing on Series C and D rounds for innovative technology firms across Southeast Asia.

Matthieu Baret, Eurazeo's Managing Partner for Venture, expressed enthusiasm about the investment in Igloo, emphasizing its alignment with Eurazeo's strategy to invest in innovative technologies disrupting the insurance sector. He highlighted excitement in collaborating with BNP Paribas Cardif and expanding Eurazeo's presence in Asia through investments in China, Indonesia, India, and Singapore, aspiring to establish a prominent role in the region.

Igloo's most recent funding round, arriving merely 10 months after its Series B+ led by BlueOrchard-managed InsuResilience Investment Fund II, has propelled its total raised capital to US$100 million. Remarkably, Igloo's valuation surged by 50 percent from its Series B+ round in 2022, bringing it closer to the projected profitability anticipated for 2024. As per the announcement, the fresh funding will be utilized to explore both horizontal and vertical merger and acquisition opportunities, expand Igloo's workforce, and elevate its product offerings. The focus will revolve around motor, health, and climate-related products while integrating AI and blockchain technologies.