bolttech raises $1.5B in Series B funding round to accelerate its growth

By Nikita Chaurasia  | Date: 2022-10-17

bolttech raises $1.5B in Series B funding round to accelerate its growth

bolttech, a well-known insurtech firm across the globe, has recently announced its Series B funding round, headed by Tokio Marine and other shareholders.

With this funding, bolttech, which is renowned as Singapore’s only in-house insurtech unicorn, will be valued at around US$1.5 billion following its largest-ever Series A funding round for an insurtech a year earlier.

Notably, collaborating with Tokio Marine as a strategic investor will assist bolttech in augmenting its reach and capabilities, further strengthening the latter’s distribution strength, product innovation, and balance-sheet capacity.

According to the firm, this new funding will be leveraged to drive business growth across the globe constantly.

Reportedly, bolttech has witnessed massive growth since its inception in 2020.

The insurtech unicorn currently claims to hold nearly US$50 billion worth of yearly premiums via its tech-enabled insurance exchange, the largest in the world.

On a global level, bolttech’s insurance exchange revolves around 800 distribution partners with over 200 insurance providers to offer more than 6,000 product variations.

Speaking on the latest development, Rob Schimek, bolttech’s Group Chief Executive Officer, mentioned that connecting with a lead investor, like Tokio Marine that holds high calibre and esteem, will aid the firm to grow further.

As per Rob, this evidence solidifies international investors’ belief in the resilience of the company’s business model, its role in transforming the future of insurance distribution and its long-term value proposition.

Rob said that Tokio Marine would prove to be a key strategic partner as the firm continues to drive its growth strategy and global expansion.

For the unversed, bolttech, one of the well-recognized embedded insurance providers, is a global B2B2C insurtech that uses its revolutionary insurance exchange to link insurers with distributors and their customers.

With licences to operate in more than 30 markets throughout Asia and Europe, as well as all 50 U.S. states, boltech’s platform offers businesses inside and outside the insurance industry everything required to offer insurance products for the evolving needs of the digital age consumers.

Source credit - https://www.prnewswire.co.uk/news-releases/singapore-based-insurtech-bolttech-secures-series-b-investment-to-continue-the-companys-rapid-global-growth-301650412.html

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Tata Tele Business Services to offer Microsoft Azure to Indian SMBs

Tata Tele Business Services to offer Microsoft Azure to Indian SMBs

By Nikita Chaurasia

Telecommunications service provider, TTBS (Tata Tele Business Services) has reportedly announced that it would help Indian SMBs (small and medium businesses) migrate their workloads to the cloud by providing Microsoft Azure (cloud computing services)...

Tatas in plans to acquire Bisleri in a deal worth USD 856 million

Tatas in plans to acquire Bisleri in a deal worth USD 856 million

By Nikita Chaurasia

India's fast-moving consumer goods company, Tata Consumer Products Ltd is reportedly all set to acquire drink company, Bisleri International in a deal worth USD 856 million (₹7000 crores), reported the packaged water makers chairman, Ramesh...

Ukio raises $28M to offer comfort to working professionals across Europe

Ukio raises $28M to offer comfort to working professionals across Europe

By Nikita Chaurasia

Ukio, an apartment rental agency in Barcelona, Spain, has reportedly raised $28 million (€27 million) in a Series A round of funding. Apparently, the cash injection consists of over $17.5 million (€17 million) in equity and more than $10...

Amazon’s AWS unveils 2nd infrastructure region in Hyderabad, India

Amazon’s AWS unveils 2nd infrastructure region in Hyderabad, India

By Nikita Chaurasia

IT service management company, Amazon Web Services, Inc. (AWS), has recently announced the unveiling of another leading AWS infrastructure region in India, the AWS Asia Pacific (Hyderabad) Region. Starting this week, the startups, developers, ente...

Beijing reports increase in COVID-19 cases after first death in six months

Beijing reports increase in COVID-19 cases after first death in six months

By Nikita Chaurasia

World's most populous country, China has recently reported the fatalities of three people in Beijing as the first fatalities from coronavirus in the last six months, with the rise in recorded new cases despite following the strictest zero-COVID p...