(Image source: bolttech webpage.)
bolttech (Singapore/New York), a global InsurTech company centered on an insurance exchange, has announced that BRV Capital Management (BRV, Hong Kong) has become a strategic investor, contributing $37.2 million to bolttech’s capital raised. Earlier this year bolttech announced its Series A round, first in July—and than an extension of the round in September with investors including Activant Capital, Tony Fadell—Principal at Future Shape LLC, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, Tarsadia Investments, EDBI Singapore and Mundi Ventures. The investment brings bolttech’s overall capital raised to $247.2 million.
Kwan Yoon, General Partner, BRV Capital Management.
“bolttech’s leading technology-driven insurance exchange and distribution network presents a very compelling opportunity to be a part of a future of insurance that will benefit customers and partners alike,” comments Kwan Yoon, General Partner, BRV Capital Management. “We are excited to partner with bolttech and support its continued international expansion by extending our own resources and networks.”
bolttech describes its offering as powering connections between insurers, distributors, and customers in order to make it easier and more efficient to buy and sell insurance and protection products. bolttech operates in 26 markets across North America, Asia, and Europe working with more than 150 insurers and 700 distribution partners, now with US$5 billion premium transacting through its insurance exchange.
BRV is a tech-focused, Asia-based growth equity arm of BlueRun Ventures (Menlo Park, Calif.). BRV is active across Seoul, Tokyo, Hong Kong, Beijing, Shanghai, and Menlo Park. BRV selectively invests in Asian category leaders that show opportunity for tech-enabled long-term growth.
Continued Acceleration of International Growth Strategy
Rob Schimek, Group CEO, bolttech.
bolttech says it will use the investment to continue the acceleration of its international growth strategy. The InsurTech asays BRV’s partnership as a strategic investor will help propel its expansion across Asia, particularly in Korea where bolttech reports rapid growth.
“We have set out to be ambitious in the implementation of our international growth strategy, moving with speed and conviction to make strategic acquisitions and invest in our talent and capabilities,” comments Rob Schimek, Group CEO, bolttech. “BRV’s investment is further validation of our unique proposition and vision to connect people with more ways to protect the things they value. We are delighted to welcome BRV as a strategic investor and look forward to capturing the commercial opportunities made possible by this partnership.”