Insurtech company bolttech has successfully raised US$196 million in its Series B funding round, with a valuation of US$1.6 billion.
The funding round was led by Tokio Marine, the oldest insurance company in Japan with a rich 140-year history.
Other key investors included MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as existing and new shareholders.
This achievement is particularly notable as mega-round funding for the global insurtech sector has been at its lowest level since Q1 2020, according to a Gallagher Re report.
bolttech’s Series B fundraise is the largest equity round for an insurtech in the past year, following its record-breaking Series A funding in 2021.
The funds from the Series B round will be utilized to support bolttech’s organic growth, including investments in proprietary technology and digital capabilities for both business partners and end consumers.
Additionally, the company aims to expand its talent pool across its 30+ markets. Furthermore, bolttech plans to explore inorganic opportunities to accelerate its international growth.
Rob Schimek, the Group CEO of bolttech, expressed pride in the company’s achievements and its mission to build a technology-enabled insurance ecosystem. He thanked the Series B investors for their support and welcomed new investors, emphasizing the partnerships that will contribute to bolttech’s continued growth and path to profitability by 2024.
The involvement of such esteemed investors serves as a validation of bolttech’s leadership, innovative business model, and unique value proposition in shaping the future of insurance.
The company has maintained a strong financial foundation while rapidly expanding and building a comprehensive international presence in the insurtech industry.
bolttech operates globally, connecting insurers with distributors and customers in Asia, Europe, and the United States.
With licenses to operate in all 50 U.S. states, the company offers a wide range of insurance products that cater to the evolving needs of customers in the digital age.
Currently, bolttech’s ecosystem encompasses 700 distribution partners, over 230 insurance providers, and offers more than 6,000 product variations, quoting approximately US$55 billion worth of annualized premiums.
BusinessNewsAsia