Singapore-based insurtech firm bolttech has successfully raised over $100 million in its latest Series C funding round, according to a company statement released on Friday.
The funding round was anchored by Dragon Fund, with significant participation from Liquidity and MUFG. Additional investors in the round include prominent names such as Baillie Gifford and Generali, through its private equity arm Lion River, among others.
This latest infusion of capital follows bolttech’s Series A and B funding rounds, collectively establishing the company’s valuation at $2.1 billion.
The Series C round represents an up-round, underscoring investor confidence in bolttech’s growth trajectory and market position within the insurtech sector, according to the announcement.
The substantial investment is poised to accelerate bolttech’s global expansion strategy, enhance the capabilities of its technology platform, and broaden its market presence across various regions.
bolttech operates a technology-driven ecosystem that connects insurers, distributors, and customers, facilitating the trading of insurance and protection products across more than 35 markets in Asia, Europe, North America, and Africa.
The company leverages digital and data-driven solutions to make insurance products more tailored, accessible, affordable, and convenient for consumers.
bolttech said the new funding will support its efforts to further develop its platform, expand into new markets, and continue innovating within the embedded insurance space, which is projected to be a $70 billion-plus market globally.
Dragon Fund, the lead investor in the Series C round, expressed strong support for bolttech’s technological capabilities and execution prowess.
The investment is expected to leverage Dragon Fund’s proprietary technology and MUFG’s extensive global network to bolster bolttech’s investment process and strategic initiatives.
Baillie Gifford, another key investor, highlighted bolttech’s potential to transform the insurance distribution landscape by integrating insurance products seamlessly into distribution partners’ platforms.
With its robust funding and strategic investor backing, bolttech is well-positioned to maintain its leadership in the insurtech industry. The company aims to drive significant growth and profitability in the coming years, reinforcing its mission to revolutionize the future of insurance through advanced, technology-enabled solutions.