Singapore-based insurtech company, bolttech, says it has secured its Series B investment on Oct 17.
The round was led by Tokio Marine, which invested US$50 million ($71.3 million) in the round. The amount is one of Tokio Marine’s largest investments made in an insurtech company to-date, says bolttech.
The latest round values bolttech, which is Singapore’s only homegrown insurtech unicorn, at an up-round valuation of approximately US$1.5 billion.
The Series B funding also comes one year after the company closed the largest ever Series A funding round for an insurtech firm.
Bolttech is a global B2B2C insurtech that leverages its pioneering insurance exchange to connect insurers with distributors and their customers. The company has licences to operate in over 30 markets throughout Asia, Europe, as well as the US.
According to bolttech, the company now quotes approximately US$50 billion worth of annualised premiums through its technology-enabled insurance exchange, making it the largest in the world.
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Globally, bolttech’s insurance exchange connects over 800 distribution partners with more than 200 insurance providers and offers in excess of 6,000 product variations.
Rob Schimek, bolttech’s group CEO says, “Securing a lead investor of Tokio Marine’s high calibre and esteem is strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term value proposition, and our role in shaping the future of insurance distribution. Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”
Masashi Namatame, managing executive officer (group chief digital officer) at Tokio Marine, adds that the group is “excited” to have the opportunity to lead bolttech’s Series B round, and join bolttech on its “incredible growth trajectory” as their strategic partner.
“The scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space. We look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer,” Namatame continues.