bolttech team
Singapore- and New York-based insurtech company, bolttech, has announced the completion of an oversubscribed US$180 million Series A funding round led by US- and Germany-based global investment firm Activant Capital Group.
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 also joined.
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This round takes bolttech’s valuation to more than US$1 billion, giving it a unicorn status only one year after its launch in 2020.
The investment will accelerate bolttech’s continued growth. Over the past year, it claims to have grown its enterprise customers by three-fold and distribution partnerships by nine-fold in the US. The additional capital will help bolttech further enable its partners and customers with enhanced technology and digital capabilities, and strengthen its presence in its existing markets while continuing to expand internationally.
The insurtech startup was founded with a mission to transform the way insurance is bought and sold. With a suite of digital and data-driven capabilities, bolttech aims to make connections between insurers, distributors, and customers easier and more efficient to buy and sell insurance and protection products.
With 1,400 employees, bolttech works with partners such as insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.
The insurance exchange claims it transacts US$5 billion in premiums on its platform, providing a gateway to more than 5,000 products and 150 insurance providers.
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To date, it claims to have built a global footprint that serves more than 7.7 million customers in 14 markets across three continents: North America, Asia, and Europe. It has licenses in 50 states in the US and several key markets in Asia and Europe-wide.
As part of the investment, Richard Benson-Armer, Partner at Activant, will join bolttech’s board of directors which already includes Peter Hancock, Robert Kyncl, and Malcolm Turnbull, amongst others.
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