Igloo is a Singapore based company that was formerly known as Axinan. As the insurance-tech startup, the company has raised around $8.2 million to widen its ledge in half a dozen of Southeast Asian markets along with Australia.
InVent is a corporate venture capital arm of telecommunications company Intouch Holdings. It has led the expanded Series A round of Igloo. Also, the existing investors are – Openspace Ventures (a venture capital fund that contributes money in Southeast Asia), and Linear Capital (a Shanghai based early stage venture capital firm concentrating on tech driven startups). Both of them took part in that round that makes this 4-years old startup, Igloo, to raise $16 million.
Igloo was founded by Wei Zhu, and previously, he served as the Chief Technology Officer at Grab. Igloo is now working with E-commerce as well as travel firms like RedDoorz, Lazada, and Shopee in Southeast Asia to provide the customers with insurance products. These products will provide sufficient protection on the electronics and will provide coverage on accidents as well.
The startup also operates in the Philippines, Vietnam, Thailand, Indonesia, Malaysia, and Singapore. It said that more than 15 million users had received benefits from the insurance products, and in the last one year, the startup had processed over 50 million transactions.
This month, Igloo has been rebranded from the previous name Axinan and said that the insurance products were useful to the people even in this coronavirus outbreak. Wei Zhu said that since the virus is still impacting our personal life and business, digitization can assist the world to the normal.