Hong Kong-based medical and life insurance startup Bowtie has snagged $22.6m in a Series B1 financing round.
Bowtie reeled in funding from Mitsui & Co and existing investor Sun Life Hong Kong, which takes the company’s funding raised in the last three years to over $52m, following its $30m Series A raise in 2018.
Bowtie offers access to insurance products with zero commission and without the use of insurance agents, banks or insurance brokers through its online insurance platform. Since launching, it now covers over 40,000 customers.
Back in 2018, the company was granted Hong Kong’s first virtual insurance company licence after the country’s Insurance Authority launched the scheme in 2017.
According to Bowtie, it intends to use the new investment to fuel its ambition to expand its Asian footprint and co-develop value-based healthcare in the region.
Bowtie co-CEO and co-founder Michael Chan said, “We are excited to partner with Mitsui to fundamentally redesign how customers navigate both the insurance and healthcare systems, improving the service quality while making it truly affordable.”
The CEO of MBK Healthcare Management – a subsidiary of Mitsui – Koichiro Sato, added, “This is our first investment in a health insurance company, which has long been the missing puzzle in our value-based healthcare ecosystem. We selected Bowtie for our shared vision of both making healthcare more accessible and affordable.”
Elsewhere in the InsurTech market, healthcare insurance firm Insurights recently raised $22m from a seed funding round led by investment firm Group 11.
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