Singapore-based InsurTech, bolttech, recently announced EDBI and Alma Mundi Insurtech Fund to join its list of investors for the A Series funding, rounding it up from US$180 millions to US$210 millions. The additional capital will be utilized to enable Bolttech to reach more partners and customers through enhanced technology and digital capabilities. Further, bolttech is hoping to further solidify its presence primarily in SEA and Europe.
Founded in 2020 as part of the Pacific Century Group, bolttech is one of the fastest growing international InsurTech in SEA, its main service lies in connecting insurers with distributors and customers to make it easier to buy and sell insurance and protection products. It currently executes US$5 billion worth of premiums with 5,000 products and more than 150 providers.
Bolttech’s valuation is now estimated to have gone past US$1 billion. Representing 7.7 million customers from 26 markets worldwide, the company’s primary clients are located in Asia, including, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The onboarding of new investors is expected to help bolltech strengthen its presence in Southeast Asia, Europe, and other existing markets.
Rob Schimek, bolttech’s Group Chief Executive Officer, said on Tuesday (Sep 29), “We are thrilled to welcome such high calibre strategic investors. They bring an extensive network and deep expertise in their respective markets which will help propel our growth and support our innovation for our partners and customers around the world. Together with their partnership, we look forward to accelerating our international growth and realising our vision to connect more people around the world with ways to protect the things they value.”