Canadian insurer Sun Life has invested an additional $70 million in HK-based Bowtie, further enhancing its already significant holding in the virtual insurer.
Bowtie will continue to operate as an associated company of Sun Life, with its own brand identity, distinctive culture and dedicated employee base post-investment. The proceeds are set to consolidate Bowtie’s market position in medical insurance and scale preventive healthcare initiatives, per a press release.
Founded in 2018, Bowtie disrupts the traditional insurance sector in Hong Kong by offering an agent-free, commission-free online platform for individuals and small and medium enterprises to quote, apply, and claim for health insurance plans without the restriction of location and time.
The Hong Kong-headquartered firm has raised over 1 billion HKD ($127.4 million) from Sun Life Financial and Japanese trading house Mitsui & Co.
“Going forward, Bowtie will continue to benefit from Sun Life’s strong capital base and shared purpose of helping clients achieve lifetime financial security and live healthier lives,” said Michael Chan, co-founder and CEO of Bowtie.
The fresh funding round comes at a time when several Hong Kong-based startups have garnered international and local investor attention.
In January alone, a total of five startups snapped up funding, including AI-driven drug discovery firm Insilico Medicine; construction tech Varadise; insurtech firm AIFT; luxury watch platform Wristcheck; and electricity-free cooling technology firm i2Cool, according to DealStreetAsia’s proprietary data. The funding scored by five deals in January was higher than the four investments into Hong Kong-based firms seen in Q4 2024.
