Singapore-based Igloo, formerly known as Axinan, have given rise to $8.2 million as the insurance-tech startup ogles to broaden its foothold in half a dozen Southeast Asian sells and Australia.
InVent, a corporate venture capital arm of telecommunications conglomerate Intouch Holdings, conducted Igloo’s diversified Series A round, the startup told TechCrunch. Existing investors Openspace Ventures, a venture capital fund that invests in Southeast Asia, and Linear Capital, a Shanghai-based early-stage venture capital firm focusing on tech-driven startups, participated in this round, which clears four-year-old Igloo’s to-date conjure to $16 million. It raised about$ 1 million in its Seed financing round.
Igloo — founded by Wei Zhu, which have already been served as Chief Technology Officer at Grab — works with e-commerce and passage conglomerates such as Lazada, RedDoorz, and Shopee in Southeast Asia to offer their purchasers assurance products that provide protection on electronics, and coverage on coincidences and travel.
The startup, which too operates in Vietnam, Philippines, Thailand, Singapore, Indonesia, and Malaysia, said more than 15 million consumers have benefitted from its guarantee commodities to date, and in the last one year it has handled more than 50 million transactions.
Igloo, which rebranded from Axinan this month, said insurance makes are proving peculiarly useful to — and popular among — parties during the course of its coronavirus outbreak.
Wei Zhu told TechCrunch that the startup has construed increases in events and customer possessions in the last 45 days. “While some hurtle related business have read a dip, the larger e-commerce business continues to see a flood, ” he added.
“With COVID-1 9 affecting every facet of personal life and business, digitisation can help the world adjust to the new normal. This is especially self-evident in assurance, where we can tap on digital directs for rationing and also for creating awareness, ” he said.
“We see that digital insurance is on the rise in Southeast Asia, and we believe that Igloo, with our digital-first approach and expansion of our produce portfolio into personal state, collision and other related commodities can help fill those gaps and address consumers’ needs for personal well-being, ” he added.
He said the digital insurance penetration remains low in Southeast Asia, and Igloo ascertains massive opening in the infinite. According to one estimate( PDF ), Southeast Asia’s digital coverage busines is currently evaluated at$ 2 billion and is expected to grow to$ 8 billion by 2025.
The startup, which contests with a handful of startups including Singapore Life and Saphron, will use the fresh uppercase to expand its business development and engineering teams and broaden its presence in the half-dozen markets. It is already hiring with telecom operators, banks , non-banking monetary firms, and traveling organizations, it said.
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