Singapore-based insurtech firm bolttech has raised US$196 million during its Series B fundraise led by Japan’s Tokio Marine with a valuation of US$1.6 billion.
The firm had shared the announcement back in October 2022 that Tokio Marine will be leading its Series B but did not disclose the sum at that time.
Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.
bolttech said that it will use the proceeds to further fuel its growth through investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across its 30+ markets.
In addition to that, the funds will also be used to explore opportunities to accelerate its international growth.
Launched in 2020 with a B2B2C model, bolttech has licenses to operate throughout Asia, Europe and all 50 U.S. states with an ecosystem that connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.
The insurtech claims to have quoted approximately US$55 billion worth of annualised premiums.
Rob Schimek, Group Chief Executive Officer of bolttech said,
“We are now one of the fastest growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.
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.”
Featured image credit: Rob Schimek, Group Chief Executive Officer of bolttech