Singapore-headquartered insurtech bolttech valued at US$1.6 billion following Series B mega-round
bolttech has raised USD196 million in connection with its Series B with an up-round valuation of USD1.6 billion. The round was led by Tokio Marine. 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.
International insurtech bolttech is defying the current capital markets backdrop – mega-round funding (US$100 million and above) for the global insurtech sector is at its lowest level since Q1 2020, according to a Gallagher Re report. bolttech’s Series B fundraise is the largest straight equity Series B for an insurtech in the last year, and follows the company achieving the largest ever Series A round for an insurtech in 2021.
bolttech will use the proceeds of the Series B to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across bolttech’s 30+ markets. In addition, the funds will be used to explore inorganic opportunities to accelerate 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 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.”