Insurtech Startup Axinan Closes Series A+ with $16 Mn The Singapore-based company has also announced its formal rebranding as Igloo.
By Shipra Singh
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Insurtech Startup Axinan has closed its series A funding round at $16 mn. The extended series A+ funding was led by InVent, the corporate venture capital arm of asset management and investment company Intouch Holdings.
The latest round also saw participation from existing investors Openspace Ventures and Linear Capital along with new financiers Singtel Innov8, Cathay Innovation and Partech Partners.
The Singapore-based firm also announced that it has formally rebranded itself as Igloo.
Founded in 2016 by former chief technology officer of Grab, Wei Zhu, Igloo is a full-stack insurtech firm powered by artificial intelligence (AI) and big data that builds digital insurance products.
Its product offerings range from personal to lifestyle insurance, including coverage for travel, single disease, accident, electronic gadgets and personal goods, among others.
The company leverages big data, real-life risk assessment and end-to-end automated claims management to also give B2B2C insurance solutions to its partner companies, which includes some of the leading e-commerce and travel companies in Southeast Asia, such as Bhinneka, Bukalapak, Lazada, RedDoorz, Shippit and Shopee, as well as insurance partners such as Allianz, Baoviet, FWD Singapore, Mercantile and Sompo.
Igloo is currently present across Indonesia, Malaysia, Thailand, Philippines and Australia, along with tech centres located in China and Taiwan and claims to have served over 15 mn customers since its inception.
With the fresh funding, Igloo plans to expand into Vietnam along with strengthening its foothold in the Philippines and Thailand markets. The company said it will also funding to double its business development and engineering teams along with fortifying its Southeast Asian leadership with local expertise to drive highly relevant solutions.
"The additional funding will allow Igloo to reinforce its full-stack capabilities further and focus on continued customer acquisition, dynamic risk assessment and expedited claims management, all of which will be offered to Igloo's insurance partners via an open platform," said the company statement.
With this closing round, Igloo's total capital raised stands at $16 million.
