SINGAPORE - Insurance technology firm bolttech has raised US$196 million (S$264 million) in its Series B round, bringing the Singapore-based start-up’s valuation to US$1.6 billion (S$2.15 billion).
The funding round was led by Japanese insurance provider Tokio Marine. Other key investors include US financial services company MetLife, through its subsidiary MetLife Next Gen Ventures, and Malaysia’s sovereign wealth fund Khazanah Nasional.
Bolttech, founded in 2020, is a global business-to-business-to-consumer insurance technology, or insurtech, firm that connects insurers with distributors and their customers. With licences to operate across Asia, Europe and the United States, it quotes approximately US$55 billion worth of annualised premiums.
The start-up’s latest fund-raising comes despite a worldwide slowdown in venture funding. Large funding rounds for the global insurtech sector – amounting to US$100 million and above – are at their lowest since the first quarter of 2020, according to London-based advisory firm Gallagher Re.
Bolttech will use the funding to invest in proprietary technology, as well as digital capabilities and talent to fuel international growth.
Its group chief executive Rob Schimek said: “We are incredibly proud of what we have achieved... and look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024.”
