Tokio Marine to lead bolttech’s Series B investment round

The Singapore-based insurtech, bolttech has announced that Tokio Marine is to lead the company’s Series B investment round. 

Bolttech, which is Singapore's only homegrown insurtech unicorn, already has a valuation of US$1.5bn following the close of its Series A investment round late 2021 - which was the biggest Series A funding round of any insurtech to date. 

The Series B round will also be supported by the insurtech’s current shareholders. 

According to reports, bolttech has enjoyed rapid growth since its launch in 2020. Data shows the insurtech now quotes as much as US$50bn worth of annualised premiums vis its technology-enabled insurance exchange, which is the largest in the world. bolttech’s insurance exchange currently connects over 800 distribution partners with more than 200 insurance providers and offers more than 6,000 product variations.

Recently bolttech was also named as one of Southeast Asia’s leading fintech startups in a report by CBS insights that listed 250 of the world’s most promising fintech startups. 

The partnership with Tokio Marine’s partnership will seal bolttech’s market reputation as a robust leader in the insurtech space. As a strategic investor The multinational giant will complement bolttech’s capabilities and reach, improving bolttech’s distribution strength, product innovation, and balance-sheet capacity. 

Strategic growth for bolttech fuelled by Series B capital

Reports suggest that the proceeds of the Series B will be used mainly to boost the insurtech’s continued global growth.

Speaking about the latest investment round, Rob Schimek, bolttech’s Group Chief Executive Officer, explained, “Securing a lead investor of Tokio Marine’s high caliber and esteem is a strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term value proposition, and our role in shaping the future of insurance distribution. Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”

Meanwhile, Masashi Namatame, Managing Executive Officer, Group Chief Digital Officer for Tokio Marine Holdings, concluded, “Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round and join bolttech on its incredible growth trajectory as their strategic partner. The scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space.”

He added, “We look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer.”