Posted: December 4, 2023 4:28 AM Updated: December 4, 2023 4:28 AM
Correction and fact check date: December 4, 2023, 4:28 AM
briefly
Blockchain InsurTech Igloo has raised $36 million in funding to support future acquisitions and strengthen the company’s data infrastructure.
Blockchain insurance technology company Igloo has closed a $36 million Series C pre-financing round led by Eurazeo, with participation from Openspace Ventures and La Maison. The funds will be allocated to support acquisitions and strengthen the company’s data infrastructure in the coming years.
Founded in 2016, Igloo provides insurance services to customers by utilizing artificial intelligence (AI) and big data in its infrastructure. Previously, the company launched Weather Index Insurance, a specialized blockchain-based product to protect farmers from severe weather specifically designed for Vietnam and other Southeast Asian markets.
In 2022, Igloo closed a comprehensive Series B financing round, securing $27 million and totaling $46 million. German development banks KfW, WAM, Finnfund, La Maison, and Cathay Innovation’s InsuResilience Investment Fund II participated in this investment.
InsurTech Leverages AI and Blockchain for Improved Outcomes
Insurance companies operate in a competitive environment where customers seek optimal value for money and a superior experience.
Blockchain technology represents an opportunity for positive development and expansion of the insurance industry, facilitating increased efficiency, reduced costs, increased transparency, accelerated payments, and mitigation of fraud. It also enables real-time data sharing between various parties in a reliable and traceable manner.
In a recent development, New York-based company Arbol has unveiled an insurance platform based on AI and blockchain, designed for reinsurance and focused on severe storm catastrophes. Parametric insurance schemes provide coverage for weather-related events such as storms and floods.
Igloo’s recent achievements reflect intentional efforts to strengthen its infrastructure and highlight the company’s commitment to innovation and continued advancements to advance AI and blockchain-based solutions.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles