Insurtech company bolttech is now valued at US$1.6 billion ($2.14 billion) after raising US$196 million in its Series B round. The amount is said to be the largest straight equity Series B for an insurtech company in the last year.
The round was led by Japanese insurance company Tokio Marine. Other investors involved in the round include insurance group MetLife’s subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.
The proceeds of the round will go towards funding the company’s organic growth such as 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.
“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,” says Rob Schimek, group CEO of bolttech.
“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.”
bolttech now quotes approximately US$55 billion worth of annualized premiums. Globally, bolttech’s ecosystem connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.
