Singapore-based Insurtech company Bolttech recently revealed that it has finalized an oversubscribed $180 million Series A round which values the firm at over $1 billion, thus giving it Unicorn status just a year after it began operations.
Bolttech’s investment round was led by Activant Capital Group, along with contributions from other investors such as Tony Fadell – Principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments.
The proceeds from the fundraise will be channeled towards strengthening the firm’s position in the US markets. The capital acquired will also be directed towards enabling its partners and clients with enhanced technology and digital capabilities. Additionally, the funding will be used to solidify the company’s presence in its existing markets while continuing to expand globally.
As part of the new investment deal, Richard Benson-Armer, Partner at Activant, will be taking a seat on Bolttech’s Board of Directors which currently includes Peter Hancock, Robert Kyncl, and Malcolm Turnbull, among several other industry leaders.
Bolttech reports handling $5 billion in premiums via the platform, offering a gateway to over 5,000 products and around 150 different insurers.
Supported by a team of 1,400 professionals, Bolttech works with partners including insurance firms, telcos, retailers, banking institutions, e-commerce and digital destinations, in order to embed insurance into their client journeys when needed.
Bolttech currently serves over 7.7 million clients in 14 major markets across 3 continents (North America, Asia, and Europe). The company has obtained licenses in 50 States in the US and several markets across Asia and Europe.
Rob Schimek, Bolttech’s Group CEO, stated:
“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. This investment will help us connect even more insurers, distributors, and customers on our platform, shaping the future of insurance distribution.”