Singapore-based Igloo, previously known as Axinan, has allocated $8.2 million as the insurance-tech startup seems to extend its foothold in half a dozen Southeast Asian markets and Australia.
InVent, a corporate investment capital arm of telecommunications firm Intouch Holdings, headed Igloo’s extensive Series A round, the startup stated.
Current investors Openspace Ventures, an investment capital fund that funds in Southeast Asia, and Linear Capital, a Shanghai-based early-stage enterprise capital firm concentrating on tech-driven startups, engaged in this round, which advances four-year-old Igloo’s to-date increase to $16 million.
It gathered about $1 million in its seed funding round.
The Story of Igloo
Igloo — established by Wei Zhu, who earlier worked as Chief Technology Officer at Grab — operates with e-commerce and travel companies such as Lazada, RedDoorz, and Shopee in Southeast Asia to give their clients insurance products that offer a warranty on electronics and coverage on accidents and travel.
The firm, which further operates in Vietnam, Philippines, Thailand, Singapore, Indonesia and Malaysia, stated that more than 15 million users have profited from its insurance products till date, and in the previous year it has processed more than 50 million sales.
Igloo, which rebranded from Axinan this month, said that insurance products are showing very useful to — and famous among — people through the coronavirus outbreak.
Wei Zhu said that the startup had witnessed a wave in transactions and client acquisitions in the last 45 days.
He further said that while a few travel-related businesses have seen a decline, the more significant e-commerce business advances to see a surge.
He told the digital insurance perception remains low in Southeast Asia and Igloo witnesses huge opportunity in the space.
The Market Potential
According to one survey, Southeast Asia’s digital insurance business is presently estimated at $2 billion and is anticipated to rise to $8 billion by 2025.
The startup, which struggles with a handful of startups, including Singapore Life and Saphron, will utilise the new capital to develop its business development and manufacturing teams and expand its appearance in the half-dozen markets.
It is now joining with telecom workers, banks, non-banking financial companies and travel firms, it said.
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