igloo fundingImage Credit: Igloo

Insurtech startup Igloo has raised $36 million in the Pre-Series C funding round. The investment was led by the global investment firm Eurazeo through its insurtech fund. The existing investors who also invested in the Series B and Series B+ rounds, Openspace Ventures and La Maison Partners, also invested in this round.

Igloo’s insurance technology infrastructure is powered by artificial intelligence and big data, which makes the customer’s choice of protection plan easier, depending on their lifestyle, as well as making the claim experience smoother and more straightforward.

When it comes to insurance and its typical paperwork, it sometimes becomes a cumbersome and impossible task for a normal working person to understand the policy. But Igloo is trying to solve this problem by providing people-first insurance services that are easy to understand and reasonably priced. It also focuses on making the whole process customer-friendly and time-efficient.

This new investment will be used by the company to pursue both horizontal and vertical merger and acquisition opportunities. The funding will also be used for expanding the workforce and product expansion in categories like motor, health, and climate-related. The company also intends to advance initiatives related to underwriting, claims digitization, artificial intelligence, and technology like blockchain.

The company’s co-founder and CEO is Raunak Mehta, and it is headquartered in Robinson Rd, Singapore.

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