New investor including MetLife and Khazanah Nasional alongside existing and new shareholders, join Series B funding round led by Tokio Marine
SINGAPORE, May 18, 2023 /PRNewswire/ -- bolttech today announced it raised US$196 million in connection with its Series B with an up-round valuation of US$1.6 billion. The round was led by Tokio Marine – Japan's first insurance company with a 140-year history. Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia's sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.
International insurtech bolttech is defying the current capital markets backdrop – mega-round funding (US$100 million and above) for the global insurtech sector is at its lowest level since Q1 2020, according to a Gallagher Re report[1]. bolttech's Series B fundraise is the largest straight equity Series B for an insurtech in the last year, and follows the company achieving the largest ever Series A round for an insurtech in 2021.
bolttech will use the proceeds of the Series B to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across bolttech's 30+ markets. In addition, the funds will be used to explore inorganic opportunities to accelerate international growth.
Rob Schimek, bolttech's Group Chief Executive Officer, said, "Having just celebrated our third anniversary since our launch in 2020, we are incredibly proud of what we have achieved so far on our mission to build the world's leading, technology-enabled insurance ecosystem. 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. We thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel bolttech's continued growth on our path to profitability in 2024."
The support of such esteemed investors is a resounding validation of bolttech's leadership, innovative business model, and unique value proposition in shaping the future of insurance. bolttech has maintained a strong financial foundation with a clear path to profitability while driving its rapid growth and scale to build the most comprehensive international presence for an insurtech.
bolttech's global operations
bolttech, one of the world's leading embedded insurance providers, is a global B2B2C insurtech that connects insurers with distributors and their customers. With licenses to operate throughout Asia, Europe and all 50 U.S. states, bolttech provides businesses with everything they need to offer insurance products that meet their customers' evolving insurance and protection needs in the digital age.
bolttech now quotes approximately US$55 billion worth of annualized premiums. Globally, bolttech's ecosystem connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.
Sources:
[1] – Gallagher Re, 4 May 2023, Gallagher Re Global InsurTech Report for Q1 2023
