Singapore-based insurtech company bolttech has secured over $100 million in its latest funding round. The lead investors are Dragon Fund from Mitsubishi UFJ Financial Group and fintech direct lender Liquidity Group.
bolttech stated that the Series C funding round, which valued the company at $2.1 billion, will support its continued global growth strategy.
This valuation is 31.3% higher than the $1.6 billion reported in its Series B funding round in May 2023.
Founded by Rob Schimek in 2020, bolttech runs a digital platform that enables insurers, distributors, and customers to buy and sell insurance and protection products across over 35 markets in North America, Asia, Europe, and Africa, as stated on its website.
The statement also mentioned that other investors in the latest funding round include UK-based investment management firm Baillie Gifford and Lion River, the private equity arm of insurer Generali.
According to a November report by UK reinsurance broker Gallagher Re, global insurance tech investment reached $1.38 billion in the third quarter of this year, the highest since the first quarter of 2023, driven by the surge in artificial intelligence.
Last month, bolttech finalized a $50 million venture debt facility with HSBC.
In September 2023, the company raised an additional $50 million from impact investment firm LeapFrog, extending its Series B funding round to $246 million.
bolttech’s successful fundraising efforts, including its latest Series C round and previous ventures, highlight its strong growth trajectory in the insurance tech sector. With strategic investments from major players like Mitsubishi UFJ Financial Group, Liquidity Group, Baillie Gifford, and Generali’s private equity arm, bolttech is well-positioned to expand its digital platform across global markets. The company’s continued success reflects the growing momentum in the insurance tech industry, fueled by technological advancements such as artificial intelligence. It solidifies its role as a leader in reshaping the insurance landscape worldwide.
