Pacific Century’s insurtech business extends Series A to $210m
Pacific Century Group’s insurance technology business, Bolttech, has extended a recent $180 million Series A round to $210 million in total.
The additional capital was provided by at least two new investors, Singapore’s EDBI and Mundi Ventures of Spain. It will support technology development and an expansion of existing operations in Southeast Asia and Europe.
"With an extensive technology-enabled insurance exchange and distribution network, Bolttech is poised to lead the digital transformation of Southeast Asia's insurance sector,” Chu Swee Yeok, CEO and president of EDBI, said in a statement.
The bulk of the Series A was raised in July at a valuation of $1 billion, with US-based Activant Capital taking the lead. Fellow US investors Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments, as did Switzerland-based Alpha Leonis Partners.
Based in the US and Singapore, Bolttech offers digital and data-driven services for insurers, distributors, and individual customers that make it easier and more efficient to buy and sell insurance and protection products. It has 7.7 million clients, with licenses in 50 states in the US, as well as several markets in Asia and Europe.
Pacific Century, a financial and media technology-focused investor founded and chaired by Hong Kong telecom tycoon Richard Li, established Bolttech as its international insurtech business in April last year. Pacific Century also owns Hong Kong-based insurance company FWD Group.
Li is the chairman of Bolttech. The CEO is Rob Schimek, formerly of AIG and FWD.
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