bolttech extends Series A funding round to US$210mn
bolttech, one of the fastest-growing international insurtech unicorns, has today announced the extension of its recently-announced US$180 million series A funding round led by Activant Capital Group, bringing the series total to US$210mn. The largest-ever Series A round for an insurtech now adds two new strategic investors: Singapore-based global investor EDBI ("EDBI") and Alma Mundi Insurtech Fund, Spain ("Mundi Ventures").
Rob Schimek, bolttech's Group Chief Executive Officer, said: "We are thrilled to welcome such high calibre strategic investors. They bring an extensive network and deep expertise in their respective markets which will help propel our growth and support our innovation for our partners and customers around the world. Together with their partnership, we look forward to accelerating our international growth and realising our vision to connect more people around the world with ways to protect the things they value."
bolttech’s market and global footprint
With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products. bolttech has built a global footprint that serves more than 7.7mn customers in 26 markets across 3 continents – North America, Asia, and Europe.
The additional capital will help bolttech further enable its partners and customers with enhanced technology and digital capabilities. Bringing on these new strategic investors will also help strengthen its presence in Southeast Asia, Europe, and its other existing markets, as the business accelerates its international growth strategy.
Ms. Chu Swee Yeok, CEO and President of EDBI, said: "With an extensive technology-enabled insurance exchange and distribution network, bolttech is poised to lead the digital transformation of Southeast Asia's insurance sector. EDBI looks forward to partnering Rob and his team to strengthen their innovation hub in Singapore and support the growth of their businesses in the region."
Javier Santiso, Mundi Ventures' CEO and General Partner, said: "We value investment partners such as bolttech that are willing to disrupt the insurance industry with new technologies and product innovation, and particularly new, game-changing distribution models. We look forward to working with Rob and his world-class team as they build out their presence and partnerships here in Europe."
