Igloo said to secure $8.2m in funding as it eyes international growth

Digital insurance platform Igloo has reportedly raised $8.2m in its funding round as it looks to enter more markets in Southeast Asia.

The capital injection was led by InVent, the investment division of telecommunications company Intouch Holdings, according to a report from TechCrunch. Previous Igloo backers Openspace Ventures and Linear Capital, also contributed to the round.

Having closed the round, the InsurTech will look to enter more Southeast Asian markets, as well as Australia.

Earlier in the month, Igloo rebranded from Axinan.

Singapore-based Igloo builds insurance infrastructure which is powered by artificial intelligence and big data to help customers find policies which best meet their lifestyle and needs. The API-based technology enables companies to design their own travel, accident, disease, transit, personal goods and electronics insurance products.

Late last year, the InsurTech received a combined general and reinsurance license from the Labuan Financial Services Authority making it the first in Malaysia to do so, it claimed.

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