Igloo, a Singapore-based insurtech company that focuses on underserved communities in Southeast Asia, recently disclosed that it has raised an additional USD 27 million in Series B funding, bringing the total amount raised to USD 46 million.
ACA and returning investors OpenSpace joined Cathay Innovation in the first USD 19 million tranche, which was announced in March. The latest round was led by the impact investor BlueOrchard-managed InsuResilience Investment Fund II, which was established by the German development bank KfW for the German Federal Ministry for Economic Cooperation. The Women’s World Banking Asset Management (WAM), FinnFund, La Maison, and reoccurring investors Cathay Innovation were additional lead investors.
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The extension will provide the startup with a multiyear runway and be used for opportunities for hiring, infrastructure development, and merger and acquisitions.
Read More: Southeast Asia insurtech Igloo increases its Series B to $46M
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