Igloo, an Insurance Tech Startup has raised $8.5 in funding to expand its Insurance Business in South East Asia and Australia. Igloo was previously known as Axinan.
This funding round was led by InTouch holdings. Other Investors who participated in this round of Investment were Openspace Ventures and Linear Capital. Till now, the total amount raised by Igloo is $16M.
Igloo was founded by Wei Zhu who previously worked with Grab and was the CTO in that company.
Igloo has operates in Vietnam, Philippines, Thailand, Singapore, Indonesia, and Malaysia and with this round of funding they are planning to expand to other South Eastern Countries. According to an interview given to TechCrunch, Wei Zhu said that there has been a surge in demand for insurance products in the last 45 days. He said that ‘the digital insurance penetration remains low in Southeast Asia, and Igloo sees massive opportunity in the space.’
