Tokio Marine leads Series B round of insurtech startup bolttech with US$50m investment

JAPANESE insurance company Tokio Marine has invested US$50 million in Series B funding for bolttech, one of its largest investments made in an insurtech startup to date.

While the total size of the funding round was undisclosed, bolttech said this has brought the company’s valuation up to US$1.5 billion. 

In 2021, the startup closed its Series A round at US$180 million. Its total was subsequently brought to US$247 million* in an extension funding round led by Activant Capital Group. According to bolttech, this marks the largest Series A funding round on record for an insurtech.

Bolttech touts itself as Singapore’s only home-grown insurtech unicorn as well as one of the world’s leading embedded insurance providers. The company counts EDBI Singapore, Mundi Ventures and Activant Capital among its investors. 

It leverages its technology-enabled insurance exchange to connect insurers with distributors and their customers, and quotes about US$50 billion worth of annualised premiums through its insurance exchange.

In a press statement on Monday (Oct 17), bolttech said that Tokio Marine’s partnership as a strategic investor would complement its abilities and reach, as well as enhance its distribution strength, product innovation, and balance-sheet capacity.

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“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,” said Tokyo Marine managing executive officer Masashi Namatame.

Since its inception in 2020, bolttech has secured licences to operate in more than 30 markets throughout Asia and Europe, and in all 50 US states. Globally, its insurance exchange connects more than 800 distribution partners with over 200 insurance providers, and offers over 6,000 product variations.

*Amendment note: An earlier version of this story indicated that bolttech’s series A funding amount to be US$210 million. Bolttech has since updated the amount to be US$247 million.