Bolttech, an insurtech startup based in Singapore, announced the raise of $210 million after extending its Series A funding round.
The round counted with the participation of new investors like EDBI and the Alma Mundi Insurtech Fund. The first part of the round raised $180 million and was led by Activant Capital Group, which represents the largest Series A for an insurtech startup. Rob Schimek, Group Chief Executive Officer of bolttech, referred to the round by stating:
“We are thrilled to welcome such high calibre strategic investors. 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 realising our vision to connect more people around the world with ways to protect the things they value.”
bolttech provides a data-driven and fully digital platform that improves the connections between insurers, distributors, and customers in the insurance industry, making the buying and selling of insurance much simpler and efficient. The additional funding will allow bolttech to expand the application of its solutions to new industries, as well as enhance its technology and digital capabilities to provide the best support to all of its customers and partners. Chu Swee Yeok, CEO and President of global investor EDBI, referred to startup’s potential to disrupt the market by stating:
“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.”
bolttech was founded as an international insurance company with the goal of supporting the world’s leading technology for protection and insurance. Now, the insurtech startup offers support to more than 7.7 million customers in 26 markets across three continents – North America, Asia, and Europe, becoming a leading player in the industry.