bolttech, one of the fastest-growing global Insurtech unicorns, reveals that it has completed an extension of its $180 million series A round that was led by Activant Capital Group, bringing the series total to $210 million.
As mentioned in a release, this is the largest ever Series A investment round for an Insurtech firm. The company confirmed that it has added new strategic investors, including Singapore-headquartered global investor EDBI and Alma Mundi Insurtech Fund, Spain.
As noted in the announcement:
“With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products. bolttech has built a global footprint that serves more than 7.7 million customers in 26 markets across 3 continents – North America, Asia, and Europe.”
The release also mentioned that the additional funding should assist bolttech with further enabling its partners and clients with robust technology and digital capabilities. Bringing on these new investors should also help with strengthening its presence in Southeast Asia, Europe, and its other existing markets, “as the business accelerates its international growth strategy.”
Rob Schimek, bolttech’s Group CEO stated:
“We are thrilled to welcome such high calibre strategic investors. 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.”
Chu Swee Yeok, CEO and President of EDBI, remarked:
“With an extensive technology-enabled insurance exchange and distribution network, bolttech is poised to lead the digital transformation of Southeast Asia’s insurance sector. 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.”
Javier Santiso, Mundi Ventures’ CEO and General Partner, said that they really value investment partners like bolttech that are willing to streamline and improve the insurance sector with innovative technologies and great products, and “particularly new, game-changing distribution models.” Javier also noted that they “look forward to working with Rob and his world-class team as they build-out their presence and partnerships here in Europe.”