(Image source: bolttech homepage.)
bolttech (Singapore/New York), a global InsurTech company centered on an insurance exchange, has announced the extension of its recently-announced $180 million Series A funding round led by Activant Capital Group, bringing the series total to $210 million. The extension adds two new strategic investors in bolttech, Singapore-based global investor EDBI (“EDBI”) and Alma Mundi Insurtech Fund (Madrid).
A bolttech statement describes the InsurTech as using a full suite of digital and data-driven capabilities to powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products. bolttech reports that it has built a global footprint that serves more than 7.7 million customers in 26 markets across 3 continents: North America, Asia, and Europe.
The company says that thee additional capital will help it further enable its partners and customers with enhanced technology and digital capabilities. Bringing on the new strategic investors will also help strengthen its presence in Southeast Asia, Europe, and its other existing markets, as the business accelerates its international growth strategy, the bolttech statement says.
“We are thrilled to welcome such high caliber strategic investors,” comments Rob Schimek, Group CEO, bolttech. “They bring an extensive network and deep expertise in their respective markets which will help propel our growth and support our innovation for our partners and customers around the world. Together with their partnership, we look forward to accelerating our international growth and realizing our vision to connect more people around the world with ways to protect the things they value.”
Ms. Chu Swee Yeok, CEO and President of EDBI, says that, “With an extensive technology-enabled insurance exchange and distribution network, bolttech is poised to lead the digital transformation of Southeast Asia’s insurance sector. EDBI looks forward to partnering Rob and his team to strengthen their innovation hub in Singapore and support the growth of their businesses in the region.”
Game-Changing Distribution Models
“We value investment partners such as bolttech that are willing to disrupt the insurance industry with new technologies and product innovation, and particularly new, game-changing distribution models,” comments Javier Santiso, CEO and General Partner, Alma Mundi Ventures. “We look forward to working with Rob and his world-class team as they build-out their presence and partnerships here in Europe.”