bolttech’s funding round was led by Tokio Marine, Japan’s oldest insurance company, and saw participation from new investors such as MetLife and Khazanah Nasional, as well as existing shareholders.
This achievement comes at a time when mega-round funding for the global insurtech sector has been relatively low, according to a report by Gallagher Re. bolttech’s Series B fundraise stands out as the largest straight equity Series B for an insurtech in the past year. It follows the company’s record-breaking Series A round in 2021.
The proceeds from the funding round will be used to support bolttech’s organic growth, including investments in proprietary technology, digital capabilities for business partners and customers, and talent acquisition across its 30+ markets. The company also plans to explore inorganic opportunities to accelerate its international expansion.
Currently, bolttech quotes approximately $55 billion worth of annualised premiums and facilitates connections between 700 distribution partners and over 230 insurance providers, offering a wide range of more than 6,000 product variations.
bolttech has a clear path to profitability
The participation of high level investors in bolttech’s funding round serves as validation of the company’s leadership, innovative business model, and unique value proposition in shaping the future of insurance. While experiencing rapid growth and scaling its operations globally, bolttech maintains a solid financial foundation and a clear path to profitability.
Rob Schimek, Group CEO of bolttech (pictured), expressed his pride in the company’s achievements since its launch in 2020, saying: “Having just celebrated our third anniversary since our launch in 2020, we are incredibly proud of what we have achieved so far on our mission to build the world’s leading, technology-enabled insurance ecosystem. We are now one of the fastest growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.”
He added: “We thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024.”
