Bolttech, an insurance technology firm based in Singapore, has raised more than $100 million in a new Series C funding round announced on December 20, 2024. It now values the company at $2.1 billion, marking a milestone on its rapid ascent in the global insurtech landscape.

Company Overview

Founded in 2020, Bolttech operates a comprehensive digital platform that facilitates the buying and selling of insurance and protection products. The platform connects insurers, distributors, and customers across more than 35 markets, including regions in North America, Asia, Europe, and Africa. By leveraging technology, Bolttech aims to streamline insurance processes, enhance customer experiences, and drive innovation within the industry.

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Details of the Funding Round

The Series C funding round saw venture capital arm of Mitsubishi UFJ Financial Group Dragon Fund and fintech direct lender Liquidity Group headlining the list of investors. Among other notable participants include Baillie Gifford, an investment management firm in the UK and Lion River, the private equity arm of insurer Generali. This diverse lot speaks to the confidence about Bolttech’s business model with potential for continued growth.

Objectives Post-Funding

With the infusion of fresh capital, Bolttech is expecting to:

• Aggravate Global Expansion: Enhance its footprint in markets currently served and seek entry into newer geographies to further spread its global footprint.
• Enrich Technological Competitiveness: Invest in house-developed technology that strengthens the efficiency of its platforms, enhances the experience it offers to its customers and incorporates newer, cutting-edge features.
• Product Innovation: Diversify its bouquet of insurance and protection offerings on its platform.
• Pursue Strategic Acquisitions: Look for companies that can enhance Bolttech’s services and add to its growth story.

Market Context and Growth Trajectory

Investment in the global insurtech sector has gained momentum lately. In Q3 2024, funding has reached $1.38 billion, which is a record since Q1 2023. This rise is due to the enhancement of artificial intelligence and digital solutions. Bolttech’s recent funding win is well in line with this trend, which puts it at a strategic play in the industry. 

In the months leading to the Series C round, Bolttech entered into a $50 million venture debt facility with HSBC in November 2024 and, additionally, took in another $50 million from the impact investment firm LeapFrog in September 2024, expanding its series B funding up to a total of $246 million. All of these have added to the company’s increased valuation as well as its ability to implement all its strategic efforts effectively.

Leadership Insight

Rob Schimek, Group Chief Executive Officer of Bolttech, said that the company’s future looks bright: “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.” Schimek said the company would use the new investment to fuel further growth and innovation in the insurance industry.