Regional Insurtech Igloo Extends Series B to US$46 Million
Summary
The InsuResilience Investment Fund II, initiated by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and development (BMZ) and managed by impact investor BlueOrchard Finance Ltd., led the capital extension, along with WAM, Finnfund, La Maison, and Series B lead investor, Cathay Innovation.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, said Mahesh Joshi, Head of Private Equity Investments Asia at BlueOrchard. With 50% of Igloos team committed to research & development, the company plans to double down on attracting the best engineering, product, design and data talent across all geographies. Igloos insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, optimise and enhance existing products and services. Over 255 million poor and vulnerable people in emerging and frontier markets received access to financial and related services with the support of BlueOrchard as of June 2022. WWBCP II expands the gender-focused investment strategy in innovative financial service providers, with a dedicated technical assistance facility to help portfolio companies achieve strategic objectives toward gender inclusion.