Igloo Revenue, Valuation, Funding & Investors

Igloo is valued at $303M as of January 2026, a 5.5x multiple on its last reported $55M revenue.

See full Igloo profile

Last Igloo valuation

$303M

Undisclosed stage · Jan 2026

Last Igloo funding round

$5M

Undisclosed stage · Jan 2026

Igloo revenue

$55M

Undisclosed stage · Jan 2026

Key investors in Igloo

  • Cathay Innovation
  • Openspace Capital
  • Partech
  • Singtel Innov8
  • La Maison Partners
  • Eurazeo

Igloo Overview

About Igloo

Igloo is a Singapore-based insurtech that provides embedded, technology-driven insurance across eight Southeast Asian markets. It partners with platforms such as Shopee, foodpanda, and Bukalapak to distribute insurance products to their users, and offers a separate platform called Ignite for sales intermediaries. The company has expanded into climate-resilience coverage against floods, fires, and extreme weather, and formed a joint venture with Thailand's JMT Network Service to build a fully digital insurer, with plans to replicate the model in Indonesia and the Philippines.


Founded

2016

HQ

SingaporeSingapore

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Revenue

$55M (Jan 2026)

Valuation

$303M (Jan 2026)

Igloo Valuation

Igloo is currently valued at $303M, based on its undisclosed-stage round in January 2026.

The $5M round included Tokio Marine.

Igloo's valuation has grown 1.0x from $300M at its Series C in December 2023 to $303M in January 2026, across 2 priced rounds.

Igloo valuation by funding round

Revenue multiple
Igloo valuation by funding round
DateStageValuationRevenue Multiple
Jan 2026Undisclosed stage$303M5.5x
Dec 2023Series C$300M-

Igloo Revenue

Igloo's latest recorded revenue is $55M, as of its undisclosed-stage round in January 2026. At a $303M valuation, that implies a 5.5x revenue multiple.

Igloo revenue by funding round

Igloo revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jan 2026$55M$303M5.5xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Igloo Funding History

Igloo has raised a total of $103M across 5 funding rounds.

Igloo's first fundraising round was a $16M Series A in April 2020. The most recent completed round was a $5M undisclosed-stage round in January 2026.

Igloo funding rounds

Igloo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2026Undisclosed stageTokio Marine$5M$303MIgloo is a Singapore-based insurtech startup operating across eight Southeast Asian markets, offering embedded, technology-driven insurance solutions. It partners with platforms like Shopee, foodpanda, and Bukalapak to distribute insurance products and provides a platform called Ignite for sales intermediaries. The company has expanded into climate resilience insurance against risks like floods, fires, and extreme weather, and formed a joint venture with Thailand’s JMT Network Service for a fully digital insurer, with plans to replicate in Indonesia and the Philippines. Tokio Marine invested $5 million for a 1.65% minority stake in Igloo, acquiring 493,984 shares at $10.12 each, as per Singapore’s ACRA filings. This implies a post-money valuation of approximately $303 million. The investment adds Tokio Marine to Igloo’s cap table alongside Openspace Ventures, Cathay Innovations, Blue Orchard, and FinnFund, supporting regional growth, particularly in Indonesia. Igloo reported revenue of $55.46 million in 2024, up 49% from $37.14 million in 2023, driven by a near threefold increase in third-party administration (TPA) revenue to $39.72 million. Despite revenue growth, net losses widened 11% to $21.8 million. The company anticipates reaching breakeven by early 2026. Prior to this, Igloo raised over $26 million in December 2023, bringing total equity funding to $79.19 million since 2016. Igloo competes with PasarPolis, Qoala, and Singlife in the region, amid growing Japanese institutional interest in Southeast Asian insurtech.
Dec 2023Series CEurazeo (lead); La Maison Partners; Openspace Capital$36M$300M-
Nov 2022Series BInsuResilience Investment Fund (lead); Women’s World Banking Asset Management; La Maison Partners; Finnfund; Cathay Innovation$27M-Igloo is a Singapore-based regional insurtech providing insurance solutions focused on underserved communities in Southeast Asia, offering products in areas like consumer finance, e-commerce, logistics, motor, health, and climate-related insurance. The company facilitates policies through partnerships with over 75 entities across six countries and emphasizes underwriting and claims digitization using AI and blockchain. In November 2022, Igloo closed its Series B extension by raising an additional $27 million, bringing the total Series B round to $46 million. This extension was led by the BlueOrchard-managed InsuResilience Investment Fund II, with co-lead investors including Women’s World Banking Asset Management, FinnFund, La Maison, and returning investor Cathay Innovation. The funds from the Series B extension were allocated toward hiring, building infrastructure, and pursuing merger and acquisition opportunities to sustain growth and strengthen market leadership in key Southeast Asian markets. Prior to this, Igloo had raised an initial $19 million Series B tranche in March 2022 led by Cathay Innovation, with participation from ACA and OpenSpace. By late 2023, Igloo closed a $36 million Pre-Series C round led by Eurazeo (backed by BNP Paribas Cardif), with Openspace and La Maison participating, at a valuation 50% higher than the 2022 Series B+ round; this brought total funding to $100 million. Igloo reported strong traction, including plans to double its 2022 Gross Written Premiums (GWP) at a low burn rate, positioning it for profitability in 2024, and having facilitated over 500 million policies by late 2023. The company highlighted its robust profit and loss statement, diverse multi-product portfolio, and extensive distribution network as differentiators in the Southeast Asian insurtech market.
Mar 2022Series BCathay Innovation (lead); Asian Capital Alliance; Partech; Singtel Innov8; Openspace Capital$19M-Igloo is a Singapore-based insurtech founded in 2016, providing full-stack B2B2C insurance solutions leveraging big data, real-time risk assessment, and automated claims management for platform partners and insurers in Southeast Asia, targeting underserved communities. The company focuses on ecommerce, fintech, logistics, and digital insurance, enabling partners to mitigate operational risks and create new revenue streams. In 2022, Igloo increased its Series B funding round, reportedly to $46M total, with participation from investors including Asian Capital Alliance, Cathay Innovation (lead), Openspace Capital, Partech, and Singtel Innov8 around early October. Total funding across rounds reached approximately $36M by early 2024 per some estimates, though round-specific amounts vary. Igloo continued fundraising post-2022, with a noted $36M round in January 2024. The company had 201-500 employees by recent estimates, with headquarters in Singapore.
Apr 2020Series AInVent (lead); Partech; Singtel Innov8; Openspace Capital; Kolibra Capital; Linear Venture; Cathay Innovation$16M-Igloo is a Singapore-based digital insurance platform, formerly Axinan, that provides API-based insurance infrastructure powered by AI and big data to help companies design customized products for travel, accident, disease, transit, personal goods, and electronics. The company raised $8.2 million in an extended Series A round in April 2020, led by InVent, the investment arm of Intouch Holdings, with participation from existing investors Openspace Ventures and Linear Capital, bringing total funding to $16 million including a prior $1 million seed round. Igloo aimed to expand into additional Southeast Asian markets and Australia, while engaging with telecom operators, banks, non-banking financial firms, and travel agencies. During the coronavirus outbreak, Igloo experienced a surge in transactions and customer acquisitions, particularly in e-commerce, despite dips in travel-related business. The insurtech holds a combined general and reinsurance license from the Labuan Financial Services Authority in Malaysia.

Who has invested in Igloo?

14 investors have backed Igloo across its funding rounds, including Cathay Innovation, Openspace Capital, Partech, Singtel Innov8, La Maison Partners and Eurazeo.

Lead investors include Eurazeo, InsuResilience Investment Fund, Cathay Innovation and InVent.


Igloo Investors

Investors in Igloo by funding rounds participated
InvestorHQRoundsRoleFirst check
Openspace CapitalSingaporeSingapore3ParticipantApr 2020
Cathay InnovationUnited StatesSan Francisco, CA3LeadApr 2020
La Maison PartnersFranceParis2ParticipantNov 2022
PartechFranceParis2ParticipantApr 2020
Singtel Innov8SingaporeSingapore2ParticipantApr 2020
Women’s World Banking Asset ManagementUnited StatesNew York City, NY1ParticipantNov 2022
Asian Capital AllianceJapanTokyo1ParticipantMar 2022
InVentThailandBangkok1LeadApr 2020
Kolibra CapitalIndonesiaJakarta1ParticipantApr 2020
Linear VentureChinaShanghai1ParticipantApr 2020
EurazeoFranceFrance1LeadDec 2023
InsuResilience Investment FundLuxembourgLuxembourg1LeadNov 2022

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Acquisitions by Igloo

Igloo has acquired 1 company to date.

Last acquisition by Igloo was on June 29th 2026. Igloo acquired Eazy Digital for undisclosed valuation.


Latest Acquisitions by Igloo

Eazy Digital
Description
Eazy Digital is a Singapore-headquartered insurtech platform digitizing agency distribution for insurers across Asia. Its modular tools include gamification, onboarding, lead generation, and reporting dashboards, deployed by clients such as ERGO, Tokio Marine, and Igloo. Launched in 2020, it boosts agent productivity through competitions and workflows, operating in markets like Singapore and Indonesia.
HQ CountrySingapore
HQ City
Singapore
Deal Date29 Jun 2026
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Igloo Competitors

Igloo competitors include listed companies like Shutterstock and Port Inc., and private ones like M1xchange, Funding Societies, Fashinza and Sabi Am.

Public and private companies comparable to Igloo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
M1xchangeIndiaGurgaonPrivate--$333M-
Funding SocietiesSingaporeSingaporePrivate--$500M-
FashinzaUnited StatesNew York City, NYPrivate$150M-$300M2.0x
Sabi AmNigeriaLagosPrivate--$300M-
ShutterstockUnited StatesUnited StatesPublicly listed$990M$158M$181M0.3x
Port Inc.JapanJapanPublicly listed$187M$34M$181M1.1x

Igloo Public Comps

Igloo is still privately-owned, but its public comps include Socar, Quick Co., Aramis Group, Fiverr, ZIGExN, ThredUp, Everyday Network Co., So-Young, One Career and TechTarget.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Socar$343M$72M1.5x-7.0x-
Quick Co.$218M$41M1.0x1.0x5.4x-
Aramis Group$2.7B$74M0.2x0.2x6.1x10.7x
Fiverr$431M$13M0.2x0.2x5.2x1.0x
ZIGExN$188M$38M1.3x1.2x6.4x4.8x
ThredUp$311M($5M)1.0x0.9x(59.2x)20.5x
Everyday Network Co.$16M($6M)17.0x-(42.4x)-
So-Young$227M($32M)1.0x0.8x(7.5x)(11.9x)

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Common questions about Igloo

When was Igloo founded?Igloo was founded in 2016.
Where is Igloo headquartered?Igloo is headquartered in Singapore.
Is Igloo publicly listed?No, Igloo is a private, VC-backed company.
What is Igloo's valuation?Igloo was last valued at $303M in its undisclosed-stage round in January 2026.
How much funding has Igloo raised?Igloo has raised $103M across 5 funding rounds.
What was Igloo's last funding round?Igloo's last funding round was a $5M undisclosed-stage round in January 2026.
Who are Igloo's investors?Igloo's investors include Openspace Capital, Cathay Innovation, La Maison Partners, Partech, Singtel Innov8, Women’s World Banking Asset Management, Asian Capital Alliance, InVent, Kolibra Capital, Linear Venture and 4 others.
What is Igloo's revenue?Igloo's latest recorded revenue is $55M (January 2026).
What is Igloo's revenue multiple?Igloo's latest valuation implies a 5.5x revenue multiple ($303M valuation on $55M of revenue).
Which companies are comparable to Igloo?Companies comparable to Igloo include M1xchange, Funding Societies, Fashinza, Sabi Am, Shutterstock and Port Inc..
How many companies has Igloo acquired?Igloo has acquired 1 company, including Eazy Digital.

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