Singapore's Bolttech hits $1.5b valuation with Series B
Singapore's Bolttech, an insurance technology provider set up by Pacific Century Group in 2020, has raised an undisclosed sum in Series B funding, claiming a valuation of USD 1.5bn.
Tokio Marine was a co-lead in the Series B. The Japanese insurance giant is expected to enhance Bolttech’s distribution strength, product innovation, and balance-sheet capacity. The fresh capital will otherwise be used to drive a global expansion.
“The scale and breadth of Bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space,” Masashi Namatame, group chief digital officer at Tokio Marine, said in a statement.
It follows a USD 247m Series A last year that was touted as the largest-ever for an insurance technology company. That round featured US-based investors Activant Capital, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments, as well as Switzerland-based Alpha Leonis Partners, Mundi Ventures of Spain, and Singapore’s EDBI.
Bolttech describes itself as a B2B2C model that connects insurers with distributors and their customers. The company claims to provide businesses everything they need to offer insurance products that meet evolving end-customer needs. The idea is to enable partners to open new revenue streams, accelerate digital transformation, and deepen customer relationships.
The company currently quotes USD 50bn in annualised premiums through its insurance exchange. Globally, the service connects more than 800 distribution partners with some 200 insurance providers and offers 6,000 product variations. It is licensed to operate in more than 30 markets across Asia, Europe, and the US.
Pacific Century is a financial and media technology-focused investor founded and chaired by Hong Kong telecom tycoon Richard Li. It 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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