Insurtech Igloo raised $36 M!
Singapore insurtech Igloo raised $36 million in pre-series C funding, lifting its valuation by 50%. The round, led by Eurazeo, brought Igloo’s total raised past $100 million.
Igloo generated 44% revenue growth in 2022 to $3.8 million. But it also widened net losses 57% to $11.4 million as employee compensation expenses climbed 25%.
New Product Launched!!
CEO Raunak Mehta called it a “landmark year”, with new products launched and Vietnam becoming a key market.
He eyes profitability by 2024 via gross margin improvements and cost control.
Mehta Sees as Vital for the Next Growth Stage
The fresh funds will support acquisitions to boost vertical integration, which Mehta sees as vital for the next growth stage. Igloo also plans 20% workforce expansion while pushing for double gross written premium.
Mehta remains bullish on growth after inking 75 partnerships with firms like Lazada. Nevertheless, the widening losses amid expansion present challenges to reaching sustainable profitability within Igloo’s accelerated timeline.
