Singapore's Igloo Raises $36M in Pre-Series C Round and Other Top Asian Funding Stories

Emmanuel Oyedeji -

Here are the startup and venture deals we tracked across the Asian region today.

Singapore's Igloo Raises $36M in Pre-Series C Round

  • Singaporean Insurtech Igloo formerly known as Axinan has secured $36 million in a pre-series C funding round led by Eurazeo, boosting its valuation by 50%. The funding round also included participation from La Maison and Openspace Ventures’ OSV+.
  • The insurtech company Igloo operates as a distributor of insurance products to enterprise clients, offering diverse products such as e-commerce purchase protection, mobile phone insurance, and weather index coverage for farmers.
  • Igloo boasts global partnerships with up to 75 internet companies, including e-commerce major Lazada, Shopee, Philippine payments firm GCash, and Indonesian e-wallet Dana.
  • Igloo plans to double its gross written premiums in 2023 and achieve profitability by next year. It plans to utilize the funds to fuel its acquisition strategy and reinforce data infrastructure.

Indonesian Construction Startup Gravel Secures $14 Million in Funding

  • Indonesian construction startup, Gravel has raised $14 million in a funding round led by venture capital firms New Enterprise Associates, SMDV, and East Ventures. Individual investors including Dai Weili, co-founder of Marvell Technology, and Tan Lip-Bu, chairman of Walden International also participated.
  • Gravel operates a platform that connects skilled construction workers with contractors and architects. The platform also provides a data analytics component for project activities. It boasts 1.7 million workers and supports over 6,000 projects across Indonesia.
  • The funds will be utilized for business expansion intending to broaden Gravel's market reach within Indonesia and to introduce a predictive model for monitoring construction progress.

Fr8Labs Raises $1.5M to Simplify Freight Forwarding

  • Singapore and Indonesia-based Fr8Labs, a startup aiming to streamline freight forwarding processes in the ASEAN region, has raised $1.5 million in seed funding from investors including East Ventures, FEBE Ventures, and Venturra.
  • The company's cloud-based operating system for freight forwarders integrates shipment job processes and connects internal and external stakeholder functions, reducing errors and optimizing workflows. Fr8Labs utilizes genAI applications, including an AI assistant bot, to enhance efficiency.
  • The funds will support the company's expansion in ASEAN and further into Asia, with plans to integrate additional modules like warehouse management and financing solutions.

Inflow Secures $2M in Seed Funding to Revolutionize Fashion Supply Chain

  • Vietnamese tech-driven fashion supply chain platform, Inflow, has raised $2 million in a seed funding round, attracting investment from AppWorks, 500 Global, January Capital, Spiral Ventures, and Saison Capital.
  • Inflow aims to address challenges in the fashion industry's supply chain, offering solutions to opaque supplier networks and inefficient project management. The platform, with a production network of over 150 ethical manufacturers in Vietnam, provides visibility into the supply chain, enabling fashion brands to compete more effectively.
  • The funding will support Inflow's R&D and the development of new technologies for supply chain and manufacturing.

Zyla Health Raises $4M in Series A Funding to Accelerate Growth in Health-Tech

  • India-based health-tech startup Zyla Health has secured $4 million in its Series A funding round, with Exfinity Venture Partners leading the investment and participation from Sony Innovation Fund, Venture Catalysts, and Aureolis.
  • The company's care management platform focuses on providing personalized care for chronic patients, supported by an in-house care team. The platform integrates seamlessly across the healthcare ecosystem via APIs, connecting client data lakes, diagnostic vendors, and smart devices for enhanced scalability. Its client portfolio includes Max Life Insurance, HDFC Ergo, Pfizer, Zydus, IBM, DHL, and others
  • Zyla plans to use the funds to accelerate growth in its key verticals of insurance, corporates, and big pharma, as well as for product integrations across the healthcare ecosystem for scale.

India's ShipGlobal Secures $2.5M in Funding to Boost Cross-Border Logistics Innovation

  • Logistics platform ShipGlobal has raised $2.5 million in funding from InfoEdge Ventures, an early-stage VC fund backed by InfoEdge and Temasek.
  • ShipGlobal, founded in 2022, focuses on providing cost-effective and reliable logistics solutions to SMEs in India, simplifying international shipping with services such as customs clearance, tracking, and real-time rates. The company has expanded to over 15 regional offices in India and delivered over half a million packages within a year.
  • The funds will be used to accelerate technology capabilities, enhance business operations, and expand to other countries.

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