bolttech Group CEO Bob Schimek
Singapore-based insurtech startup bolttech announced today that it has secured an undisclosed sum in Series B financing led by Japanese insurance holding company Tokio Marine.
The names of co-investors in this round were not disclosed.
The round values bolttech at approximately US$1.5 billion.
Tokio Marine’s partnership as a strategic investor will complement bolttech’s capabilities and reach, enhancing its distribution strength, product innovation, and balance-sheet capacity. The startup will use the money for its continued global growth.
Also Read: iPhone co-inventor-backed insurtech unicorn bolttech adds US$30M to Series A
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 works with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.
The firm claims it serves customers in 30 markets across North America, Asia, and Europe. Its network has more than 800 distribution partners and 200 insurers and is licensed in 36 international jurisdictions.
The company now quotes approximately US$50 billion worth of annualised premiums through its technology-enabled insurance exchange, the largest in the world.
Early this month, bolttech announced the completion of the acquisition of a majority shareholding in Indonesian insurance broker Axle Asia. This followed bolltech’s strategic investment in UK-based digital insurance advisory Sherpa.
Last year, bolttech secured US$247 million in its Series A round via multiple rounds.
bolttech’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.
Tokio Marine was founded in 1879 as Japan’s first insurance company. It has established digital laboratories in seven locations worldwide.
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