International InsurTech bolttech announced that Tokio Marine, alongside other shareholders, will lead bolttech’s series B funding round. The investment values bolttech, a Singapore-based InsurTech unicorn, at an up-round valuation of approximately $1.5 billion.

“Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion,” said bolttech’s group CEO Rob Schimek in a company press release.

bolttech is an embedded insurance provider with licenses to operate in more than 30 markets throughout Asia and Europe and all 50 U.S. states.

Tokio Marine’s partnership as a strategic investor will complement bolttech’s capabilities and reach, enhancing bolttech’s distribution strength, product innovation and balance-sheet capacity, according to a bolttech press release. The proceeds of the series B will be used primarily to fuel the business’ continued global growth.

Source: bolttech