bolttech Raises $196M in Series B Round Led by Tokio Marine

Now valued at $1.6B, bolttech announced new investors MetLife and Khazanah Nasional.

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bolttech (Singapore) has announced that it has 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 (Tokyo). Other key investors include MetLife (New York) through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.

bolttech says it 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 company says the funds will be used to explore inorganic opportunities to accelerate international growth.

Rob Schimek, Group CEO, bolttech.

“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,” comments Rob Schimek, CEO, bolttech. “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,” Schimek adds.

Bbolttech characterizes the support of investors such as Tokio Marine, MetLife and Khazanah Nasional as powerful validation of its leadership, innovative business model, and unique value proposition in shaping the future of insurance. The company reports that it 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.

Global Operations

bolttech describes itself as one of the world’s leading embedded insurance providers, and 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 says it provides businesses with everything they need to offer insurance products that meet their customers’ evolving insurance and protection needs in the digital age.

bolttech reports that it now quotes approximately $55 billion worth of annualized premiums. Globally, bolttech’s ecosystem connects 700 distribution partners with more than 230 insurance providers and offers more than 6,000 product variations.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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