International InsurTech bolttech announced it raised $196 million in connection with its series B with an up-round valuation of $1.6 billion. The round was led by Tokio Marine. Other key investors include global life insurer MetLife, through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.

bolttech will use the proceeds of the series B to further fuel its organic growth, including with investments in proprietary technology, digital capabilities for business partners and end consumers, as well as talent across its more than 30 markets, according to a company press release. In addition, the funds will be used to explore inorganic opportunities to accelerate international growth.

As an embedded insurance provider, bolttech connects insurers with distributors and their customers. With licenses to operate throughout Asia, Europe and all 50 U.S. states, the InsurTech assists businesses with offering insurance products in the digital age.

It now quotes approximately $55 billion worth of annualized premiums. Globally, bolttech’s ecosystem connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.

Source: bolttech