Singapore-based insurtech bolttech secures Series B investment to continue the company's rapid global growth

PR Newswire

Tokio Marine, alongside other shareholders, will lead bolttech's Series B funding round that follows its largest ever Series A raised by an insurtech

SINGAPORE, Oct. 17, 2022 /PRNewswire/ -- bolttech, one of the world's fastest growing international insurtech companies, today announced Tokio Marine, alongside other shareholders, will lead bolttech's Series B funding round. The investment values bolttech, Singapore's only homegrown insurtech unicorn, at an up-round valuation of approximately US$1.5 billion, one year after it closed the largest ever Series A funding round for an insurtech.

bolttech, one of the world's leading embedded insurance providers, 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 U.S. states, bolttech's platform provides businesses inside and outside the insurance industry everything they need to offer insurance products to meet their customers' evolving insurance and protection needs in the digital age. This connectivity enables bolttech's partners to re-imagine their business models and find new revenue streams, accelerate digital transformation, and deepen customer relationships.

bolttech has achieved rapid growth since its inception in 2020. The company now quotes approximately US$50 billion worth of annualized premiums through its technology-enabled insurance exchange, the largest in the world. Globally, bolttech's insurance exchange connects over 800 distribution partners with more than 200 insurance providers and offers in excess of 6,000 product variations.

Tokio Marine's partnership as a strategic investor will complement bolttech's capabilities and reach, enhancing bolttech's distribution strength, product innovation, and balance-sheet capacity. The proceeds of the Series B will be used primarily to fuel the business' continued global growth.

Rob Schimek, bolttech's Group Chief Executive Officer, said, "Securing a lead investor of Tokio Marine's high caliber and esteem is strong validation of international investors' belief in the resilience of bolttech's business model, our long-term value proposition, and our role in shaping the future of insurance distribution. Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion."

Masashi Namatame, Managing Executive Officer, Group Chief Digital Officer, said, "Tokio Marine is excited to have the opportunity to lead bolttech's Series B round, and join bolttech 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 the company as a clear leader within the insurtech space. We look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer."