Insurtech agency Igloo introduced that it has raised an extra US$27 million in its Collection B extension, bringing its complete funds raised for this tranche to US$46 million.
The preliminary Collection B capital elevate of US$19 million in March this 12 months was led by Cathay Innovation, with additional investments from ACA and different present traders together with OpenSpace.
The spherical was led by the InsuResilience Funding Fund II which was launched by German improvement financial institution KfW on behalf of the German Federal Ministry for Financial Cooperation and improvement (BMZ) and managed by impression investor BlueOrchard Finance.
Different traders embody Ladies’s World Banking Asset Administration, Finnfund, La Maison, and Collection B lead investor, Cathay Innovation.
Igloo plans to make use of the fund to draw engineering, product, design and information expertise in addition to to determine varied M&A alternatives within the area.
The corporate has shaped partnerships with over 55 corporations throughout 7 international locations and over 15 merchandise in its increasing product suite.
Igloo has facilitated over 300 million insurance policies and elevated gross written premiums by 30 occasions since 2019.
Raunak Mehta
“The help from our traders underlines the worth of our know-how proposition in making insurance coverage accessible and reasonably priced for the underserved communities, particularly gig financial system staff and MSMEs.
We are actually nicely positioned to leverage our experience and speed up our progress throughout the area and additional strengthen our services and products portfolio that addresses the standard insurance coverage gaps.”
mentioned Raunak Mehta, Co-founder and CEO, Igloo.
