Singapore-headquartered insurtech, Igloo (previously known as “Axinan”), announced that it has successfully closed its Series A+ funding round, bringing its total funding to US$16 million.
The insurtech firm works with leading e-commerce and travel players in Southeast Asia including Bhinneka, Bukalapak, Lazada, RedDoorz, Shippit, and Shopee, as well as regional insurance partners Allianz, Baoviet, FWD Singapore, Mercantile, and Sompo. Since the company was founded in 2016, Igloo said that its insurance products have already benefitted over 15 million customers, effectively protecting over 50 million transactions in the past year (February 2019 to February 2020). The categories include electronics, home, personal accident and travel.
The company has formally rebranded to “Igloo” from April 2020, across its current markets in Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Australia.
Igloo was founded by Mr. Wei Zhu, who was previously the Chief Technology Officer of Grab. Mr. Wei has over 20 years of technology leadership positions, including in companies such as Facebook and Microsoft. He founded Igloo so that everyone, regardless of their economic background, can protect the things and activities that matter to them with highly customised insurance offerings.