Singapore-based insurtech firm bolttech announced on Friday that it has raised over $100 million in a Series C funding round, propelling its valuation to $2.1 billion. The round was spearheaded by Mitsubishi UFJ Financial Group’s Dragon Fund and fintech direct lender Liquidity Group.
This latest investment represents a significant 31.3% increase from bolttech’s $1.6 billion valuation in its May 2023 Series B funding round. The company intends to utilize the new capital to accelerate its global expansion strategy.
Founded in 2020, bolttech has rapidly established a presence in over 35 markets across North America, Asia, Europe, and Africa. Its digital platform facilitates the seamless buying and selling of insurance and protection products, connecting insurers, distributors, and customers.
Participating in this funding round alongside Dragon Fund and Liquidity Group were prominent investors including UK-based investment management firm Baillie Gifford and Lion River, the private equity arm of insurer Generali. This influx of capital underscores the growing confidence in bolttech’s innovative approach to insurance technology.
The investment comes amidst a resurgence in global insurtech funding. According to a November report by UK reinsurance broker Gallagher Re, insurtech investment reached $1.38 billion in the third quarter of 2023, the highest level since the first quarter of 2023. This renewed interest is partly attributed to the rapid advancements and increasing adoption of artificial intelligence in the insurance sector.
bolttech’s recent funding success follows a series of strategic financial moves. In November, the company secured a $50 million venture debt facility with HSBC. Prior to that, in September 2023, bolttech extended its Series B funding round with a $50 million investment from impact investment firm LeapFrog, bringing the total Series B raise to $246 million. This consistent influx of capital positions bolttech for continued growth and innovation in the dynamic insurtech landscape.
In conclusion, bolttech’s successful Series C funding round, exceeding $100 million and resulting in a $2.1 billion valuation, highlights the company’s strong position in the burgeoning insurtech market. With the support of leading investors and a clear strategy for global expansion, bolttech is poised to further disrupt the insurance industry with its innovative digital platform. This latest funding will undoubtedly fuel the company’s ambitious growth trajectory and solidify its role as a key player in the global insurance technology landscape.
