Singapore-based insurtech unicorn bolttech announced that it has closed a $147 million Series C funding round at a $2.1 billion valuation, up from $1.6 billion in May 2023.
The final close was reached following the investment commitments from Sumitomo Corporation, one of Japan’s largest trading houses, and Iberis Capital, a Portuguese private equity and venture capital firm.
Other investors in the round include Mitsubishi UFJ Financial Group, insurtech direct lender Liquidity Group, Baillie Gifford, and Generali’s Lion River.
In addition to Sumitomo Corporation becoming a strategic investor, it formed a joint venture with bolttech to offer embedded insurance and end-to-end services in Asia.
“We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region,” said Shinichi Kato, Group CEO of Media & Digital Group at Sumitomo Corporation.
The final close of the Series C round comes six months after bolttech announced the first close at $100 million, co-anchored by Dragon Fund of Mitsubishi UFJ Financial Group and Liquidity Group.
bolttech raised $246 million in total in Series B funding. In September 2023, the startup secured $50 million from investment firm LeapFrog. It also raised $247 million in its Series A round in 2021, turning it into a unicorn.
The latest investment, according to the insurtech unicorn, will enable it to enhance its platform’s capabilities and accelerate its global growth strategy.
“This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide,” said Rob Schimek, bolttech’s Group CEO.
Founded in 2020, bolttech operates an exchange that connects over 700 distribution partners with more than 230 insurance providers offering over 6,000 insurance products. The company has licences to operate throughout Asia, Europe, and 50 US states.
Bolttech has been snapping up a series of insurance firms over the years, including Indonesian insurance broker Axle Asia (October 2022), Singaporean insurance intermediary AVA Insurance (February 2022)l and Europe’s i-surance (July 2021).
According to bolttech, these firms were acquired for their local market expertise, domestic insurance licences, and business fundamentals.
