Insurance technology company bolttech, headquartered in Singapore, has announced raising over $100 million in its Series C funding round. Led by Dragon Fund, Mitsubishi UFJ Financial Group, and fintech direct lender Liquidity Group, this funding brings the company’s valuation to $2.1 billion. The investment will support bolttech’s continued global growth strategy, according to its statement released on Friday.
This latest valuation marks a 31.3% increase from the $1.6 billion disclosed during its Series B funding round in May 2023. Founded in 2020, bolttech operates a digital platform connecting insurers, distributors, and customers, facilitating the buying and selling of insurance and protection products. The platform spans over 35 markets across North America, Asia, Europe, and Africa, positioning bolttech as a significant player in the insurtech landscape.
Additional investors in this round include UK-based investment management firm Baillie Gifford and Lion River, the private equity arm of insurer Generali. The funding underscores bolttech’s growing appeal amid a broader resurgence in global insurtech investment, which reached $1.38 billion in the third quarter of 2023. This is the highest level since early 2023, driven in part by advancements in artificial intelligence, according to a November report by UK reinsurance broker Gallagher Re.
In recent months, bolttech has also secured $50 million through a venture debt facility with HSBC and another $50 million from impact investment firm LeapFrog in September 2023. The latter extended the company’s Series B funding round to a total of $246 million.
bolttech’s latest achievements signal strong investor confidence in its ability to expand and innovate in the evolving insurance technology sector.
