Insurtech unicorn Bolttech raises $50m in series B extension

Photo credit: Bolttech

As fintech funding slumps in Southeast Asia, insurtech has been a bright spot. That trend continues as Bolttech, the Singapore-based insurtech unicorn, raises US$50 million from LeapFrog Investments in a series B extension.

This brings Bolttech’s total series B funding to US$246 million. Previously, it raised US$196 million in May at a US$1.6 billion valuation.

Funding details

• Funding amount: US$50,000,000
• Other investors: LeapFrog Investments
• Stage: Series B extension

In addition to expanding across emerging markets, Bolttech said the fresh funds can help it address the insurance industry’s protection gap. This refers to the amount of assets or resources that should be insured but aren’t.

Swiss Re’s research estimated the global protection gap at US$1.8 trillion in 2022 – a new high following the Covid-19 pandemic and ensuing global recession.

Fernanda Lima, a partner at LeapFrog and co-head of its Asia Financial Services team, will join Bolttech’s board as a non-executive director following this investment.

Bolttech currently operates in more than 30 countries across North America, Europe, and Asia, including the Philippines, Vietnam, and Indonesia.

See also: The rise of enigmatic insurtech unicorn Bolttech

More details