Singapore-based insurtech startup Axinan has raised an undisclosed amount of funding in a Series A+ round led by InVent, the corporate venture arm of Thai-listed Intouch Holdings.
The round was joined by Openspace Ventures, Linear Capital, Singtel Innov8, Cathay Innovation, and Partech Partners.
Axinan last raised an unspecified Series A round in February 2018, and another $1 million seed round prior to that. According to a statement, the total amount raised to date including the latest Series A+ round is $16 million. The fresh capital will be used to develop its tech capabilities, acquire licences for market entry and hire talent.
Axinan will also change its company name to Igloo, the name of its flagship digital insurance product in Southeast Asia.
Igloo was founded in 2016 by Wei Zhu, a former chief technology officer at Grab. It calls itself a “full stack” digital insurance firm that uses big data and real-time risk assessment to create B2B2C solutions for companies and insurers.
Igloo claims to have provided its services to 15 million end-users of its clients in the e-commerce and travel space such as Bukalapak, Lazada, RedDoorz, and Shopee, as well as regional insurance partners such as Allianz, Baoviet, FWD Singapore and Sompo. Its insurance categories cover electronics, home, personal accident and travel.
“We see that digital insurance is on the rise in Southeast Asia, and we believe that our digital-first approach and expansion of our product portfolio into personal health, accident and other related products can help fill those gaps and address consumers’ needs for personal well-being,” said Igloo founder and CEO Wei Zhu.
Moving forward, Igloo plans to strengthen its presence in Thailand and the Philippines and expand into new markets like Vietnam.
Proceeds from its latest funding round will also be used for customer acquisition and product development. Igloo also plans to double its business development and engineering teams to further scale its growth.
The company competes with a number of insurtech startups in the region, including Sumitomo-backed Singapore Life, Malaysia’s PolicyStreet, Saphron in the Philippines and Singapore-based Gigacover.