Singapore-based InsurTech bolttech has secured Series B funding in a round led by Tokio Marine.
The investment values bolttech, Singapore’s homegrown InsurTech unicorn, at an up-round valuation of approximately $1.5bn.
The Series B comes one year after bolttech closed the largest ever Series A funding round for an InsurTech, which saw a total of $247m raised.
bolttech has positioned itself as a world-leading embedded insurance provider.
The company is a global B2B2C InsurTech that leverages its insurance exchange to connect insurers with distributors and their customers.
With licenses to operate in more than 30 markets throughout Asia and Europe and all 50 US states, bolttech’s platform aims to provide businesses inside and outside the insurance industry everything they need to offer insurance products to meet their customers’ evolving insurance and protection needs in the digital age.
bolttech said it has achieved rapid growth since its inception in 2020. The company now quotes approximately $50bn worth of annualised premiums through its technology-enabled insurance exchange.
Globally, bolttech’s insurance exchange connects over 800 distribution partners with more than 200 insurance providers and offers in excess of 6,000 product variations.
The InsurTech said that Tokio Marine’s partnership as a strategic investor will complement bolttech’s capabilities and reach, enhancing bolttech’s distribution strength, product innovation, and balance-sheet capacity. The proceeds of the Series B will be used primarily to fuel the business’ continued global growth.
Rob Schimek, bolttech’s group chief executive officer, said, “Securing a lead investor of Tokio Marine’s high caliber and esteem is strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term value proposition, and our role in shaping the future of insurance distribution. Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”
Copyright © 2022 FinTech Global
