bolttech Group CEO Bob Schimek
Singapore-based insurtech company bolttech has raised US$50 million from impact investor LeapFrog Investments, bringing its total Series B round to US$246 million.
bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.
LeapFrog’s track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to these growing markets.
In May this year, bolttech closed its Series B round at US$196 million, led by Japanese insurance holding company Tokio Marine.
Launched in 2020, bolttech aims to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It partners with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.
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bolttech’s customers include more than two million emerging consumers, especially with its device protection offerings. In markets such as the Philippines, Vietnam, and Indonesia, devices are an important insurable asset that can help unbanked and underbanked consumers to access financial services at a lower cost, enable telemedicine services and increase employment opportunities.
It has licenses to operate throughout Asia, Europe and all 50 US states.
Currently, the firm works in more than 30 markets across three continents.
bolttech claims it now quotes approximately US$55 billion worth of annualised premiums. Globally, its ecosystem connects 700 distribution partners with more than 230 insurance providers and offers over 6,000 product variations.
In October last year, the startup announced the completion of its acquisition of a majority shareholding in Indonesian insurance broker Axle Asia. This followed bolltech’s strategic investment in UK-based digital insurance advisory Sherpa.
In 2021, bolttech secured US$247 million in its Series A round via multiple rounds.
The company’s other backers are BRV Capital Management, EDBI, Spanish firm Alma Mundi, Tony Fadell (Principal at Future Shape, inventor of iPod, and co-inventor of iPhone), Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments.
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Image Credit: bolttech.
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