To date, the company has secured $16 million in capital for its ongoing growth and development.
Axinian’s funding round was led by InVent, the corporate venture capital division of Intouch Holdings. Existing investors Openspace Ventures and Linear Capital also took part in the round. New backers including Cathay Innovation, Partech Partners, and Singtel Innov8 made contributions as well.
Axinian’s management confirmed that the Insurtech will rebrand itself as Igloo (effective this month). The firm’s current markets in Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Australia will now officially conduct business under the new brand name, Igloo.
Established by ex-Grab CTO Wei Zhu in 2016, Igloo describes itself as a “full-stack” Insurtech service provider, offering a range of digital or online insurance products. The company’s products leverage the latest technologies including Big Data, real-time risk assessment, and end-to-end automated claims management.
Igloo’s products include those related to travel, personal goods insurance, and those offering accidents and disease insurance packages.
Igloo has integrated its platform with several digital commerce and travel service providers in Asia, including Bukalapak, Lazada, RedDoorz, Shippit, and Shopee.
The company also works cooperatively with several insurance business partners, including Allianz, Baoviet, FWD Singapore, Mercantile, and Sompo.
Igloo intends to use the capital raised to expand its operations into Vietnam and provide additional services in Thailand and the Philippines.
The Insurtech firm will be doubling its business development and engineering staff members across the countries it serves.
Igloo plans to focus more on customer acquisition, dynamic risk assessment, and more efficient claims management.
The company claims to have served more than 15 million clients since it first launched.