In a statement released on Thursday, bolttech revealed that this infusion of capital amplifies the momentum of its recent Series B funding round, now totaling an impressive $246 million. This milestone marks the largest Series B funding round ever achieved by an insurtech company.
The statement further elucidated that the $50 million investment will play a pivotal role in bolstering bolttech’s global expansion strategy, with a primary focus on emerging markets. Additionally, it will fuel the enhancement of its technology-driven ecosystem, designed to provide protection and insurance solutions tailored to the needs of emerging consumers.
One of the key objectives of this capital injection is to accelerate bolttech’s mission of addressing the substantial $1.8 trillion global protection gap prevalent in the insurance industry. This initiative aligns with the broader goal of promoting financial inclusion by facilitating access to essential and affordable insurance.
Bolttech and LeapFrog will forge a collaborative partnership to advance this mission, leveraging LeapFrog’s extensive track record in supporting tech-enabled insurance ventures across Africa and Asia. Together, they aim to tailor insurance products to the burgeoning market, thereby contributing to the establishment of social and economic resilience by mitigating everyday financial uncertainties.
As a notable development stemming from this investment, Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team, will assume a role as a Non-Executive Director on bolttech’s Board, solidifying the collaboration’s commitment to fostering innovation and inclusivity in the insurance landscape.
Lima extensive expertise in enhancing value across LeapFrog’s global portfolio of inclusive financial institutions positions her as a valuable asset in bolstering bolttech’s expansion into emerging markets and driving its business growth. Additionally, her guidance will play a pivotal role in shaping the company’s overarching environmental, social, and corporate governance (ESG) strategy, ensuring a robust and sustainable approach for the long term.
Speaking about the captial raise, Rob Schimek, Group CEO of bolttech, said: “We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need. We also look forward to working with Fernanda as we achieve our vision of connecting people around the world with more ways to protect the things they value.”
Lima said that bolttech’s alignment with LeapFrog’s vision is evident in their shared commitment to democratising vital financial solutions, making them not only more cost-effective but also readily accessible. This mission holds particular significance in the context of serving the numerous emerging consumers in dynamic growth markets. There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa,
“It is my privilege to take on this role and I am excited to draw upon my experience and work with the other members of the Board to steer bolttech towards its goals,” she added.
