Asia has its newest insurtech unicorn in bolttech, backed by Hong Kong’s Pacific Century Group. The firm breached the US$1 billion (SG$1.34 billion) threshold with an oversubscribed US$180 million series A funding round, led by Activant Capital Group.
Other investors included Tony Fadell (principal at Future Shape), Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments. According to bolttech, this was the largest-ever series A funding round for an insurtech firm.
As part of the investment, Richard Benson-Armer, partner at Activant, will join bolttech’s board of directors, which already includes Peter Hancock, Robert Kyncl, and Malcolm Turnbull.
Just a year after its founding in 2020, bolttech now has 1,400 employees and is present in 14 markets across Asia, North America and Europe, serving 7.7 million customers. With its digital and data-driven capabilities, bolttech connects insurers, distributors, and customers in a bid to make the insurance process more efficient. The company’s insurance exchange has transacted US$5 billion in premiums on the platform, providing a gateway to more than 5,000 products and 150 insurance providers.
“We are delighted to welcome our new investors, and together with their support and partnership, we look forward to continuing on our mission to become the world’s leading technology-enabled ecosystem for protection and insurance,” said Rob Schimek, bolttech CEO. “This investment will help us connect even more insurers, distributors, and customers on our platform, shaping the future of insurance distribution.”