Hong Kong insurtech Bowtie has secured almost US$35m in a Series B2 funding round that it says will help “fuel expansion and innovation”.
The company, which offers health insurance and life insurance, is aiming to work with healthcare providers to create products that differentiate the customer experience and improve Hong Kong’s health insurance marketplace. It has identified a near-US$900bn protection gap that it is hoping to fill.
Bowtie has already carved out an impressive place for itself among Hong Kong’s insurance elite, including a 30% share of the direct sales channel, and says its growth is “driven by its competitive digital insurance and health offerings”. It has experienced 100% growth in critical illness products and achieved a significant milestone in group medical insurance and wellness solutions, serving more than 500 small-and-medium-sized enterprises in industries such as fintech, telecommunications, and aviation.
Having already raised US$22m in a Series B round, this latest capital comes from lead investor Sun Life Hong Kong as well as from Mitsui & Co.
Investors take ‘great pride’ in backing Bowtie
Michael Chan, Co-Founder and Co-CEO of Bowtie, says: “With annual recurring revenue of US$25m and over 100,000 customers, we have demonstrated solid fundamentals in growth, brand, and customer value. We would like to express our gratitude to investors for their continued trust and support. In today’s competitive business environment, investors not only seek top-line growth from startups but also a clear path to profitability, which makes our achievements even more precious.”
Clement Lam, CEO at Sun Life Hong Kong Limited, adds: “Bowtie has challenged the myth of ‘insurance is sold, not bought’, which was previously unimaginable. We take great pride in our support of Bowtie as they pioneer a new category of health insurer. Together, we are dedicated to making insurance more affordable and accessible to all.”
And Tomoya Shishido, CEO at the Hong Kong Branch of MBK Healthcare Management, continues: “Bowtie’s innovative initiatives have the potential to reshape the insurance landscape. Their approach aligns incentives and breaks down complexities between insurers and healthcare providers, marking a crucial step in developing a value-based healthcare ecosystem, which is why Mitsui is keen to invest.”
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