SINGAPORE - Insurance technology firm bolttech has raised US$196 million (S$263 million) in its Series B round, bringing the Singapore-based start-up’s valuation to US$1.6 billion.
The funding round was led by Japan’s insurance provider Tokio Marine. Other key investors include USA financial services company MetLife, through its subsidiary MetLife Next Gen Ventures and Malaysia’s sovereign wealth fund Khazanah Nasional.
Bolttech, founded in 2019, 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 USA, it quotes approximately US$55 billion worth of annualised premiums.
The start-up’s latest fundraising comes despite a worldwide slowdown in venture funding. Large funding rounds for the global insurtech sector - amounting to US$100 million and above - is at its 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 officer 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.”