Insurtech platform Igloo has raised an additional $27m in investment as part of a Series B funding round. 

The Series B extension was led by BlueOrchard-managed InsuResilience Investment Fund II with participation from Women’s World Banking Asset Management-managed WWB Capital Partners II, Finnfund, La Maison, and Cathay Innovation.

In March this year, Igloo raised $19m in the initial Series B funding round led by Cathay Innovation.

The Singapore-based firm plans to use the proceeds to hire talent across engineering, product, design and data domains. 

Igloo is also in the process of scouting and closing several mergers and acquisitions (M&As) to further its goal of “Insurance for All”.

Igloo co-founder and CEO Raunak Mehta said: “The support from our investors underlines the value of our technology proposition in making insurance accessible and affordable for the underserved communities, especially gig economy workers and MSMEs. 

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“We are now well positioned to leverage our expertise and accelerate our growth across the region and further strengthen our products and services portfolio that addresses the traditional insurance gaps.”

Founded in 2016, the insurtech platform is present in Indonesia, Vietnam, the Philippines, Thailand, and Malaysia besides Singapore. 

BlueOrchard head of private equity investments for Asia Mahesh Joshi said: “With its expertise, capabilities and technology to develop products and solutions that directly benefit our target groups, Igloo is well positioned to advance our mission to protect vulnerable communities from the consequences of climate change by strengthening their resilience. We see a profitable, sustainable and socially-conscious business model that we are proud to back.”