Singapore's Bolttech raises $196m
Singapore’s Bolttech, the insurance technology business of Pacific Century Group, has raised a USD 196m round led by Japanese insurer Tokio Marine at a valuation of USD 1.6bn.
MetLife Next Gen Ventures and Malaysian sovereign wealth fund Khazanah Nasional also participated, as did various unnamed new and existing shareholders.
It is billed as an extension of a Series B investment of undisclosed size last October that valued the business at USD 1.5bn. Tokio Marine was identified as a co-lead in that round, but no other investors were named.
The capital will go toward organic growth, including investments in proprietary technology and digital capabilities for business partners and end consumers. There will also be a push to add staff in more than 30 markets, as well as to explore overseas M&A opportunities.
Bolltech describes itself as one of the world’s leading embedded insurance providers, connecting 230 insurers with 700 distributors and their customers, while offering some 6,000 product variations. It has licenses to operate throughout Asia, Europe and all 50 US states and currently quotes USD 5 bn worth of annualised premiums.
US-based investors Activant Capital, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments provided a USD 247m Series A in 2021 with support from Switzerland-based Alpha Leonis Partners, Mundi Ventures of Spain, and Singapore’s EDBI.
Pacific Century Group, is a financial and media technology-focused investor founded and chaired by Hong Kong telecom tycoon Richard Li. Last December, its Hong Kong-based insurance company FWD Group teamed up with Malaysia’s Artem Ventures to set up a USD 10m sector VC fund.
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