International insurtech bolttech welcomed leading impact investment firm LeapFrog Investments as a new strategic investor in an extension of its Series B round.
LeapFrog’s $50 million investment adds to bolttech’s recent Series B funding round, now totaling US$246 million.
bolttech will use the proceeds from the round “to support its global growth strategy, with a focus on emerging markets, as well as expanding its technology-enabled ecosystem for protection and insurance for emerging consumers.”
The proceeds will accelerate the company’s goal of “enabling the insurance industry to close the $1.8 trillion global protection gap.”
bolttech’s ecosystem connects tailored and affordable insurance products “to consumers via partner platforms in more than 30 markets across three continents.”
bolttech serves a wide range of customers, “including more than two million emerging consumers, especially with its device protection offerings.”
In markets such as the Philippines, Vietnam and Indonesia, devices are an important insurable asset that can “help unbanked and underbanked consumers to access financial services at a lower cost, enable telemedicine services and increase employment opportunities.”
Similarly, many other devices, and even climate solutions “such as solar panels require insurance and financing to be accessible.”
Through the investment, bolttech and LeapFrog will “work together to promote financial inclusion by improving access to essential and affordable insurance.”
LeapFrog’s extensive track record “with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to this growing market, helping to build social and economic resilience by mitigating everyday financial shocks.”
As part of the investment, bolttech will “appoint Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team to its Board as a Non-Executive Director.”
Fernanda’s experience in adding value across LeapFrog’s portfolio of inclusive financial institutions around the world “will support bolttech’s emerging market presence and business growth as well as guide the company’s efforts in developing a robust, long-term ESG strategy.”
As covered, bolttech is an international insurtech with a mission “to build the world’s leading, technology-enabled ecosystem for protection and insurance.”
bolttech serves customers in 30+ markets across North America, Asia and Europe.
As noted in the update, LeapFrog invests “in healthcare, financial services and climate solutions businesses in high-growth global markets.”
Its companies deliver distinctive impact and robust returns, “growing on average 24 per cent a year.”
LeapFrog companies now reach 492 million people in 30 countries. The firm has raised billions of dollars from global institutional investors, “including a recent $500m commitment by Temasek to LeapFrog and its growth equity funds.”