Singapore-based Igloo, previously known as Axinan, has raised$ 8.2 million as the insurance-tech startup seeks to expand its grip in half a lots Southeast Asian markets and Australia.
InVent, a business equity capital arm of telecoms firm Intouch Holdings, led Igloo’s extended Series A round, the start-up told TechCrunch. Existing investors Openspace Ventures, an equity capital fund that purchases Southeast Asia, and Linear Capital, a Shanghai-based early-stage equity capital firm concentrating on tech-driven startups, got involved in this round, which makes four-year-old Igloo’s to-date raise to $16 million. It raised about $1 million in its Seed financing round.
Igloo— founded by Wei Zhu, who previously worked as Chief Technology Officer at Grab– deals with e-commerce and travel companies such as Lazada, RedDoorz, and Shopee in Southeast Asia to offer their consumers insurance products that offer defense on electronic devices, and coverage on mishaps and travel.
The startup, which likewise runs in Vietnam, Philippines, Thailand, Singapore, Indonesia, and Malaysia, said more than 15 million users have gained from its insurance coverage products to date, and in the last one year it has actually processed more than 50 million deals.
Igloo, which rebranded from Axinan this month, said insurance coverage products are proving specifically helpful to– and popular among– people during the coronavirus break out.
Wei Zhu told TechCrunch that the startup has actually seen a surge in transactions and customer acquisitions in the last 45 days. “While some travel associated company have seen a dip, the larger e-commerce organisation continues to see a rise,” he added.
“With COVID-19 impacting every aspect of individual life and service, digitisation can assist the world get used to the brand-new normal. This is especially evident in insurance coverage, where we can tap on digital channels for distribution and also for producing awareness,” he stated.
“We see that digital insurance is on the rise in Southeast Asia, and we think that Igloo, with our digital-first method and expansion of our product portfolio into personal health, mishap and other related products can assist fill those spaces and address customers’ needs for personal well-being,” he included.
He said the digital insurance coverage penetration stays low in Southeast Asia, and Igloo sees enormous opportunity in the area. According to one estimate(PDF), Southeast Asia’s digital insurance coverage market is currently valued at $2 billion and is expected to grow to $8 billion by 2025.
The start-up, which takes on a handful of startups including Singapore Life and Saphron, will utilize the fresh capital to broaden its company advancement and engineering groups and broaden its presence in the half-dozen markets. It is currently engaging with telecom operators, banks, non-banking monetary companies, and travel firms, it said.
Develop, a corporate venture capital arm of telecoms firm Intouch Holdings, led Igloo’s extended Series A round, the start-up told TechCrunch. He stated the digital insurance penetration stays low in Southeast Asia, and Igloo sees huge opportunity in the area. The start-up, which completes with a handful of start-ups including Singapore Life and Saphron, will utilize the fresh capital to broaden its organisation advancement and engineering teams and broaden its existence in the half-dozen markets.