Aditya Hadi Pratama · · 1 min readInsurtech unicorn Bolttech to raise series B round at $1.5b valuation
Bolttech, a Singapore-based insurtech company, has commenced its series B funding round that will be led by Japanese insurance firm Tokio Marine.
Tokio Marine is set to invest US$50 million as part of the deal, which will bump up the insurtech firm’s valuation to US$1.5 billion. Bolttech said Tokio Marine will help the company’s distribution and balance-sheet capacity.
Photo credit: Bolttech
Founded in 2020, Bolttech connects insurers with distributors and their customers. It operates in 30 countries across North America, Asia, and Europe.
Last year, Bolttech raised US$247 million in a series A funding round led by Activant at a valuation of over US$1 billion. It counts PCCW chairman Richard Li and former Australia prime minister Malcolm Turnbull as members of its board of commissioners.
The insurtech firm currently processes US$50 billion worth of annualized premiums. It has connected more than 800 distribution partners with over 200 insurance providers.
Bolttech plans to use the fresh funding to fuel its global expansion plans.
Editing by Deepti Sri and Lorenzo Kyle Subido
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