Blockchain InsurTech Igloo Raises $36 Million to Enhance its Data Infrastructure
Blockchain InsurTech Igloo raised $36 million funding to support future acquisitions and strengthen the company’s data infrastructure.
Blockchain insurance technology company Igloo concluded a $36 million Series C pre-financing round, led by Eurazeo with participation from Openspace Ventures and La Maison. The funding will be allocated for supporting acquisitions within the upcoming year and strengthening the company’s data infrastructure.
Established in 2016, Igloo utilizes artificial intelligence (AI) and big data in its infrastructure to deliver insurance services to clients. Previously, the company has launched Weather Index Insurance, a specialized blockchain-based product safeguarding farmers against severe weather, designed particularly for Vietnam and other Southeast Asian markets.
In 2022, Igloo secured $27 million and concluded a comprehensive Series B financing round, totaling $46 million. The InsuResilience Investment Fund II of the German Development Bank KfW, WAM, Finnfund, La Maison, and Cathay Innovation participated in the investment.
InsurTech Leverages AI and Blockchain for Enhanced Results
Insurance companies function within a competitive environment where customers seek optimal value for their money and a superior experience.
Blockchain technology represents an opportunity for positive developments and expansion in the insurance industry, facilitating efficiency gains, cost savings, improved transparency, accelerated payouts and fraud mitigation. Additionally, it allows for real-time data sharing among various parties in a trusted and traceable manner.
In the recent development, the New York-based company Arbol unveiled an insurance platform powered by AI and blockchain, designed for reinsurance, and focused towards severe storm catastrophes. Its parametric insurance schemes offer compensation for weather-related events such as storms and floods.
Igloo’s recent achievement reflects a deliberate effort to strengthen its infrastructure, highlighting the company’s commitment to innovation and its ongoing evolution toward advancing its AI- and blockchain-powered solutions.
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