Singapore-based insurtech company Igloo has raised $36m (S$48.2m) in a pre-Series C funding round led by Eurazeo.

Igloo’s existing investors Openspace and La Maison also participated in the round.

The latest round follows Igloo’s $27m Series B extension, which was led by InsuResilience Investment Fund II, in November 2022.

Igloo said the pre-Series C financing closed at a 50% higher valuation than that of its Series B extension.

Overall, the insurtech company, which hopes to achieve profitability in 2024, has raised $100m in funding.

Igloo plans to use the funding to support both horizontal and vertical M&A. The company also aims to increase its headcount by 20% across technical, commercial, strategy and insurance-focused divisions.

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Furthermore, it will focus more on underwriting and claims digitisation, blockchain, artificial intelligence, and health and automotive products, as well as products related to the climate.

Igloo was established in 2016 and now has tech centres in China and India, in addition to offices in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

The insurtech company’s offerings include Weather Index Insurance, a blockchain-based parametric insurance for farmers, and Ignite by Igloo, a digital platform to increase the productivity of sales intermediaries in Vietnam and Indonesia.

Igloo co-founder and CEO Raunak Mehta said: “The support from our investors is a testament to Igloo’s steady growth and resilience amidst macro headwinds, and a validation of our strategy.

“We are the only insurtech in South East Asia with a robust profit and loss statement, a diverse multi-product portfolio and an extensive distribution line.”

Eurazeo managing director Albert Shyy said: “The insurance market in South East Asia is still very underpenetrated and we believe Igloo is in a strong position to help solve this by making insurance more easily accessible and understandable for consumers.”