InsurTech startup bolttech announced the extension of its recently announced $180 million Series A funding round led by Activant Capital Group, bringing the series total to $210 million. The funding round adds two new strategic investors: Singapore-based global investor EDBI and Alma Mundi Insurtech Fund in Spain (Mundi Ventures).
With its $180 million funding round in July, the company achieved unicorn status, or a value of more than $1 billion.
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 three continents: North America, Asia, and Europe.
The additional capital will help bolttech further enable its partners and customers with enhanced technology and digital capabilities. Bringing on these new strategic investors will also help strengthen its presence in Southeast Asia, Europe, and its other existing markets, as the business accelerates its international growth strategy.
“We are thrilled to welcome such high caliber 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,” commented Rob Schimek, bolttech’s group chief executive officer. “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.”
“With an extensive technology-enabled insurance exchange and distribution network, bolttech is poised to lead the digital transformation of Southeast Asia’s insurance sector,” said Ms. Chu Swee Yeok, CEO and president of EDBI. Investing since 1991, EDBI is a global investor in select high growth technology sectors ranging from information & communication technology (ICT), emerging technology, healthcare and promising Singapore SMEs in strategic industries
Javier Santiso, Mundi Ventures’ CEO and General Partner, said: “We value investment partners such as bolttech that are willing to disrupt the insurance industry with new technologies and product innovation, and particularly new, game-changing distribution models. We look forward to working with Rob and his world-class team as they build out their presence and partnerships here in Europe.” Mundi Ventures is a €200 million venture capital firm focused on insurtech and technological companies.
*This story ran previously in our sister publication Insurance Journal.