bolttech raises US$196 million to boost expansion

bolttechraised US$196 million through its Series B funding round, bring the insurtech firm’s valuation to $1.6 billion. 

The round was led by Tokio Marine and including 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.

bolttech said its 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.

The company will use the proceeds of the latest round to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across more than 30 markets. 

In addition, the funds will be used to explore inorganic opportunities to accelerate international growth.

“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,” said Rob Schimek, bolttech’s group CEO.

bolttech is a global B2B2C insurtech that connects insurers with distributors and their customers. With licenses to operate throughout Asia, Europe and the United States, bolttech provides businesses with everything they need to offer insurance products that meet their customers’ evolving insurance and protection needs in the digital age.

The company now quotes approximately $55 billion worth of annualised premiums. Globally, bolttech’s ecosystem connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.