bolttech Group CEO Bob Schimek
Singapore-based insurtech startup bolttech has closed its Series B financing round at US$196 million, led by existing shareholder Japanese insurance holding company Tokio Marine.
Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, and new and existing shareholders.
Also Read: iPhone co-inventor-backed insurtech unicorn bolttech adds US$30M to Series A
This funding takes the company’s valuation to US$1.6 billion and comes exactly seven months after Tokio Marine led the first tranche of bolttech’s Series B round.
The insurtech firm will use the new capital to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers and across its 30-plus markets.
In addition, the funds will be used to explore inorganic opportunities to accelerate international growth.
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.
It has licenses to operate throughout Asia, Europe and all 50 US states.
The firm 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.
Also Read: The future of insurance isn’t just digital — it’s efficiently digital
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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