Insurance technology unicorn bolttech has upped the total value of its series A funding round from US$180 million to US$210 million.
The round, which was led by Activant Capital Group, is the largest of its kind for an insurtech firm, bolttech said. Two new investors have joined – Singapore-based global investor EDBI and Alma Mundi Insurtech Fund (Mundi Ventures) from Spain.
“We are thrilled to welcome such high-calibre strategic investors,” said Rob Schimek, group CEO of bolttech. “They bring an extensive network and deep expertise in their respective markets, which will help propel our growth and support our innovation for our partners and customers around the world. Together with their partnership, we look forward to accelerating our international growth and realising our vision to connect more people around the world with ways to protect the things they value.”
Now present in 26 markets across Asia, Europe and North America, bolttech said the additional capital will be used to boost its technological capabilities, also benefiting its partners and customers. With the new investors on board, the company will have a stronger presence in its markets, particularly Southeast Asia and Europe.
“With an extensive technology-enabled insurance exchange and distribution network, bolttech is poised to lead the digital transformation of Southeast Asia’s insurance sector,” said Chu Swee Yeok, CEO and president of EDBI. “EDBI looks forward to partnering Rob and his team to strengthen their innovation hub in Singapore and support the growth of their businesses in the region.”
“We value investment partners such as bolttech that are willing to disrupt the insurance industry with new technologies and product innovation, and particularly new, game-changing distribution models,” said Javier Santiso, Mundi Ventures’ CEO and general partner. “We look forward to working with Rob and his world-class team as they build out their presence and partnerships here in Europe.”