Insurtech startup Bolttech raises US$196 million in Series B round

INSURANCE technology (insurtech) startup Bolttech bagged US$196 million for its Series B funding round, raising its valuation to US$1.6 billion from US$1.5 billion in its first Series B close.

Insurance group Tokio Marine led the latest funding round, with global insurance provider MetLife and Malaysia’s sovereign wealth fund Khazanah Nasional joining as new investors, Bolttech said on Wednesday (May 17).

The insurtech startup will use the funding to enhance its technology and talent pool to drive growth. The funds raised will also be used for potential acquisitions to fuel its international expansion.

“(We) look forward to strong partnerships that will fuel Bolttech’s continued growth on our path to profitability in 2024,” said the company’s group chief executive officer Rob Schimek.

The Singapore-headquartered startup previously raised US$247 million in its Series A round led by Activant Capital Group in 2021.

Founded in April 2020, Bolttech connects insurers with distributors and their customers, and now quotes about US$55 billion worth of annualised premiums. It operates in over 30 markets across North America, Asia and Europe.