Insurtech firm bolttech has taken onboard an extra US$50m in funding from Leapfrog Investments, bringing the total amount raised by the firm as part of its Series B round to a staggering US$246m.
The company claims it’s the largest ever Series B raise for an insurtech, coming four months after bolttech announced the first tranche of Series B investment, which gave it a valuation of US$1.6bn.
The Singapore-based insurtech will use the new money to support its strategy for growth, using technology to help the insurance industry close the US$1.8tn global protection gap.
Focusing on emerging markets, bolttech’s ecosystem connects consumers with insurance products through partner platforms in over 30 markets. Of the 2m emerging consumers it serves, many are within the key device protection vertical, where – in markets like the Philippines, Vietnam and Indonesia in particular – devices are an important insurable asset in consumers’ everyday lives that gives them access to daily lifelines like financial services or telemedicine.
Bolttech says it will work with Leapfrog to further promote financial inclusion through insurance, drawing on the investment firm’s experience with tech-enabled insurance businesses – particularly those in Africa and Asia. As part of the investment, Leapfrog’s Fernanda Lima will join bolttech’s board.
Investment is ‘strong validation’ for bolttech
Rob Schimek, Group Chief Executive Officer at bolttech, says: “We are thrilled to welcome LeapFrog as our new strategic investor amidst a challenging economic backdrop for insurtechs and fintechs globally. We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need.
“We also welcome Fernanda, who will bring an invaluable depth and breadth of diverse experience to our board. We look forward to working with her as we achieve our vision of connecting people around the world with more ways to protect the things they value.”
Fernanda Lima adds: “Bolttech has established a strong position within the insurance space with its powerful technology platform and extensive distribution network. Bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets.
“There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa. It is my privilege to take on this role and I am excited to draw upon my experience and work with the other members of the board to steer bolttech towards its goals.”
Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18 October 2023.
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