Igloo, a Singapore-based insurtech company, has raised US$19 million in a series B fundraising round led by Cathay Innovation, a global venture capital firm.

Singtel Innov8, ACA Investments, Openspace Ventures, and Partech Ventures were among the investors who also joined the fundraise.

To date, the total funds raised by Igloo is US$36 million.

The funding will be used to expand its full insurance stack capabilities, ranging from cybersecurity insurance and e-wallet insurance to transit and travel insurance.

Besides that, Igloo will also focus on innovating its risk assessment and artificial intelligence-powered claims assessment tools.

Aside from product development and distribution to the underinsured in Southeast Asia, Igloo plans to acquire potential assets that are in line with its strategy.

"We are well-positioned to expand our operations in countries like Philippines, Vietnam, Thailand, Indonesia, Australia and provide a highly localized offering for each Southeast Asian market," said Raunak Mehta, Igloo's former chief commercial officer, who, recently, has been appointed to co-founder and CEO.

Igloo's insurance platform assists companies in:

• Reducing operational risk
• Generating new revenue streams
• Optimizing existing products and services 

Over 50 companies in industries such as insurance, telecommunications, e-commerce, hotel, healthtech, and financial services have partnered with the company.

Igloo was founded in 2016 by former Grab chief technology officer, Wei Zhu, who previously had stints at Facebook and Microsoft.

In 2021, the company tripled its gross written premiums, and over the next five years, it expects to offer 5% of general insurance premiums in Southeast Asia.