Regional insurtech firm, Igloo, announced the promotion of Raunak Mehta, previously Chief Commercial Officer as its new Co-founder and Chief Executive Officer (CEO). He will work alongside the co-founder of Igloo, Wei Zhu, who is on the company’s board of directors. Raunak has extensive experience in the e-commerce and technology space, having held leadership roles at Asia’s biggest e-commerce brands Flipkart and Zalora.
Igloo has seen tremendous growth in 2021, where we drove an aggressive market entry strategy helped by our strong company fundamentals – grounded in people and technology. With the continued backing of our investors, we are well-positioned to expand our operations in countries like Vietnam, The Philippines, and Malaysia, and provide a highly localised offering for each Southeast Asian market.Raunak Mehta, Co-founder and Chief Executive Officer
Igloo Closes US$19 Million Series B Round
In conjunction with the new appointments, the insurtech firm Igloo has also announced its success in raising US$19 million in Series B funding led by Cathay Innovation, a global venture capital firm, with participation from ACA and other existing investors including Openspace. This brings Igloo’s total fundraising to over US$36 million.
With its Series B raise, Igloo plans to drive product innovation cementing itself as one of the region’s leading insurtech firms. Igloo will continue to invest in reinforcing its full-stack capabilities, along with innovating its dynamic risk assessment and AI-powered claims assessment tools. In line with Igloo’s vision of ‘Insurance for All’, Igloo’s product development and distribution focus will be further targeting the underinsured low to mid-income population segments in Southeast Asia.
The insurtech firm is building scalable and interoperable technological capabilities to be offered to Igloo’s insurance partners via an open platform. In addition to technology innovation, usage of funds will also focus on acquiring intermediary assets which bring synergies to Igloo’s business model.
For more information, please visit Igloo’s website.