Bolttech, an international InsurTech company, recently announced a successful Series B fundraising round, achieving a valuation of $1.6bn.
The firm raised $196m in the round, which was led by Tokio Marine, Japan’s premier insurance company boasting a 140-year history. Other significant investors included MetLife, through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, and a mix of new and existing shareholders.
Bolttech is bucking current trends in global InsurTech funding. According to a Gallagher Re report, mega-round funding (those over $100m) in the global InsurTech sector is at its lowest level since Q1 2020. Yet, Bolttech’s Series B fundraising represents the largest straight equity Series B for an InsurTech in the past year, following the company’s record-breaking Series A round in 2021.
Operating as a global B2B2C InsurTech, Bolttech connects insurers with distributors and their customers. With the ability to operate throughout Asia, Europe, and all 50 U.S. states, Bolttech supports businesses by offering insurance products tailored to their customers’ evolving needs in the digital age.
The funds from the Series B will be utilised to further accelerate Bolttech’s organic growth. This includes investments in proprietary technology, enhancing digital capabilities for business partners and end consumers, and attracting talent across Bolttech’s 30+ markets. Additionally, the funds will be used to explore inorganic opportunities to expedite international growth.
Rob Schimek, Bolttech’s group chief executive officer, said, “Having just celebrated our third anniversary since our launch in 2020, we are incredibly proud of what we have achieved so far on our mission to build the world’s leading, technology-enabled insurance ecosystem. We thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024.”
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