Singapore-based insurtech startup Axinan, founded in 2016 by former Grab chief technology officer Wei Zhu, has closed its extended Series A funding round, bringing the total amount raised to USD 16 million. The company also announced that it has been rebranded to Igloo.
Igloo’s funding round was led by InVent, the corporate venture capital arm of Thailand’s Intouch Holdings PLC. Existing investors Openspace Ventures and Linear Capital also participated, along with new investors Singtel Innov8, Cathay Innovation, and Partech Partners.
Igloo claims that its digital insurance products have benefited more than 15 million customers, protecting over 50 million transactions in the past year in categories like electronics, home, personal accident, and travel. Clients include some leading players in Southeast Asia such as Lazada, Bukalapak, RedDoorz, and Shopee. The company currently operates in six markets, aside from Singapore, in Indonesia, Malaysia, Thailand, the Philippines, and Australia.
“With COVID-19 impacting every facet of personal life and business, digitisation can help the world adjust to the new normal. This is especially apparent in insurance, where we can tap on digital channels for distribution and also for creating awareness,” Wei Zhu, the founder and CEO, said in a press statement.
With the fresh funding, Igloo plans to expand into Vietnam, as well as strengthen its presence particularly in the Philippines and Thailand. The startup is in discussion with telcos, banks, non-banking financial firms, and online travel agencies in Southeast Asia to offer products through its insurance partners.
Wei Zhu served as Grab’s first CTO for just a year after quitting in 2015. He later sued the company for matters related to his compensation in shares.