Hong Kong-based virtual insurer Bowtie has revealed that it has landed $34.9m, following the conclusion of a Series B2 funding round.
The round was led by Sun Life Hong Kong Limited, one of Bowtie’s primary investors. Additionally, the round saw participation from Mitsui & Co., Ltd., further solidifying the company’s financial standing.
The company is aiming to use the funds to expand its operations and technological capabilities, with a specific focus on addressing Hong Kong’s substantial $886bn protection gap.
Michael Chan, co-founder and co-CEO of Bowtie, said: “In today’s competitive business environment, investors not only seek top-line growth from startups but also a clear path to profitability, which makes our achievements even more precious.”
Bowtie’s exponential growth has led to the overall expansion of the online channel, contributing to a threefold increase in the direct channel market share of the insurance industry from 2.9% to 8.5%.
With a market share of around 30% in the direct sales channel, Bowtie once again ranked number one for the first half of 2023 in Hong Kong’s direct channel, a position held for two consecutive years.
Sun Life Hong Kong Limited’s continued investment in the Insurtech company reaffirmed their confidence in Bowtie’s long-term development, given its proven traction in changing how customers access health insurance, according to the release.
Clement Lam, CEO at Sun Life Hong Kong Limited, said: “Bowtie has challenged the myth of insurance is sold, not bought, which was previously unimaginable. We take great pride in our support of Bowtie as they pioneer a new category of health insurer. Together, we are dedicated to making insurance more affordable and accessible to all.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
