Bolttech, which is one of the world’s fastest-growing international insurtech companies, announced that their Series B funding round will be led by Tokio Marine, alongside other shareholders.
Tokio Marine and other shareholders will lead bolttech’s Series B funding round in a move that values the Singapore-based insurtech unicorn at approximately US$1.5 billion, one year after it closed the largest-ever Series A funding round for an insurtech.
According to the company, the proceeds of the Series B funding round will be used primarily to fuel the business’ continued global expansion. The strategic partnership with Tokio Marine would also complement the capabilities and reach of the company, as well as enhances its distribution strength, product innovation, and balance-sheet capacity.
Bolttech’s Chief Executive Officer, Rob Schimek, said that “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 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.”
Bolttech is one of the world’s leading embedded insurance providers. The company is a global B2B2C insurtech that leverages its pioneering insurance coverage to connect insurers with distributors and their customers. The company has licenses to operate in more than 30 markets throughout Asia and Europe and all 50 US states.
Bolttech’s platform provides businesses inside and outside the insurance industry with everything they need to offer insurance products to meet their customers’ evolving insurance and protection needs in this digital age. The company’s connectivity enables bolttech’s partners to reimagine their business models and find new revenue streams, accelerate digital transformation, and deepen customer relationships.
Masashi Namatame, the managing executive officer and group chief digital officer, said Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round and to join the company on its incredible growth trajectory as their strategic partner.
He added that “the scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions it as a clear leader in the insurtech space.”
He further said that “we look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer.”
Since its inception in 2020, the company has experienced rapid growth with approximately US$50 billion worth of annualized premiums, 800 distribution partners, 200 insurance providers, and offers in excess of 6,000 product variations.