Singapore-based bolttech secures Series B investment
By Digital News Asia October 18, 2022
- Funds will be used to fuel global expansion
- Startup is currently valued at approx US$1.5 billion
bolttech has announced that Tokio Marine, alongside other shareholders, will lead its Series B funding round.
In a statement, the insurtech firm said this recent investment values the startup at an up-round valuation of approximately US$1.5 billion (RM7 billion).
It said this investment follows on from its previous round last year where it claimed to have closed the largest ever Series A funding round for an insurtech.
According to the startup, the partnership with Tokio Marine as a strategic investor will complement its capabilities and reach and is set to enhance its distribution strength, product innovation, and balance-sheet capacity.
The firm added that the proceeds from its funds will be used primarily to fuel the business’ continued global growth.
bolttech is a global B2B2C insurtech that leverages its pioneering insurance exchange to connect insurers with distributors and their customers.
With licenses to operate in more than 30 markets throughout Asia and Europe and all 50 states in the United States, the firm’s platform provides businesses with everything they need to offer insurance products to meet customers’ needs in the digital age, the company claimed.
Since its inception in 2020, the startup has achieved rapid growth.
Rob Schimek, bolttech’s group chief executive officer, said, “Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”
Masashi Namatame, managing executive officer and group chief digital officer, said Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round, and to join the company on its incredible growth trajectory as their strategic partner.
“The scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions it as a clear leader in the insurtech space.
“We look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer,” Namatame said.
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