Good Jobs | November 30, 2022

Igloo raises $46 million to provide insurance for gig economy workers in Southeast Asia

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, November 30 — In Southeast Asia, insurance coverage as a benefit for employees is a luxury most small and even medium-sized businesses can’t afford. Singapore-based Igloo, which uses data, real-time risk assessment and claims management to create low-cost B2B insurance solutions, has raised $46 million in Series B funding.

Investors in the round include BlueOrchard’s InsuResilience Investment Fund, Finnfund, Cathay Innovation and Women’s World Banking Asset Management, which earlier this year raised $103 million to invest in financial services focused on women as customers and employees. Women’s World Banking’s Rajat Arora said Igloo’s insurance products can help vulnerable and underserved women build financial resilience.

Igloo’s customers include Vietnamese delivery company Ahamove, which uses Igloo’s insurance to provide hospital cash allowances, and motor and transit insurance for over 120,000 gig delivery riders. Igloo recently launched blockchain-based weather insurance for Vietnamese rice farmers.