Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase

• The regional insurtech has closed a US$36 million Pre-Series C funding round to support its regional expansion via strategic acquisitions
• The company has seen a 50 per cent rise in its valuation as it achieves significant business momentum in 2023, and moves closer to profitability in 2024
• Funding led by global investment firm Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, with participation from Openspace’s OSV+, and returning investor La Maison

UAE, January 15, 2024– Regional insurtechIgloo today announced that it has closed a US$36 million Pre-Series C funding round. Global investment firm Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, led the investment. Openspace and La Maison, who previously participated in Igloo’s Series B and Series B+ fundraises, also joined in, reaffirming their confidence in the company’s strong business fundamentals. Eurazeo invested through its insurtech fund focused on innovative technologies and business ideas disrupting the insurance industry, whilst Openspace’s investment in this round comes via its mid-stage fund, OSV+, which is focused on the Series C and D rounds of transformative technology companies in Southeast Asia.

Matthieu Baret, Managing Partner – Venture at Eurazeo shared: “We are thrilled to invest in Igloo with the insurer BNP Paribas Cardif. With our investments in China, Indonesia, India, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.”