bolttech raised $147 million in a Sequence C spherical, bringing its whole funding to over $690 million and boosting its valuation to $2.1 billion.
Sumitomo joined as a strategic investor and companion, forming a three way partnership with bolttech to increase embedded insurance coverage throughout Asia.
bolttech’s platform powers embedded insurance coverage for industries like telecom, e-commerce, and banking, making insurance coverage a seamless a part of the digital shopping for expertise.
Singapore-based insurtech firm bolttech introduced this week that it has closed its Sequence C spherical after elevating $147 million.
Closing out at present’s spherical have been Sumitomo Company and Iberis Capital as strategic traders. The funds convey bolttech’s whole funding to someplace north of $690 million and enhance the corporate’s valuation to $2.1 billion. Earlier traders to the Sequence C spherical are Dragon Fund, Baillie Gifford, Generali’s Lion River, and others.
For its half, Sumitomo Company has not simply grow to be a strategic investor, nevertheless it has additionally entered a three way partnership with bolttech to ship embedded insurance coverage packages for its Asia-based companions. This indicators not solely a monetary endorsement but in addition a strategic distribution partnership in Asia, which is mostly a area ripe for fintech progress.
“We’re thrilled to hitch forces with bolttech—each as a strategic investor and thru our three way partnership,” mentioned Sumitomo Group CEO of Media & Digital Group Shinichi Kato. “We’re assured that this partnership will allow us to work carefully with the bolttech staff to drive progress and innovation throughout the Asia area.”
Based in 2020, bolttech operates an embedded insurance coverage platform. The corporate permits purchasers in telecom, banking, e-commerce, and retail to embed insurance coverage choices inside their present buyer journeys. For instance, a buyer buying a cell phone on-line is likely to be supplied system safety at checkout, powered by bolttech’s infrastructure. bolttech helps this with a modular tech stack that features product advice engines, coverage administration, claims administration, and companion onboarding. The corporate works with a whole lot of insurers and companions throughout industries, serving hundreds of thousands of consumers in 37 markets throughout 4 continents.
bolttech anticipates that the Sequence C spherical will allow it to boost the platform’s capabilities and speed up its international progress technique, making insurance coverage extra customized, accessible, reasonably priced, and handy for patrons.
“We’re delighted to welcome our latest strategic traders Sumitomo Company and Iberis Capital as we efficiently shut our Sequence C,” mentioned bolttech Group CEO Rob Schimek. “This funding is a powerful endorsement of our distinctive enterprise proposition, reinforcing our dedication to enabling a greater insurance coverage expertise for patrons worldwide. We’re excited to proceed our journey to construct the way forward for insurance coverage, working in direction of our imaginative and prescient of connecting folks with extra methods to guard the issues they worth.”
The funding reveals elevated curiosity in embedded insurance coverage, which is rising to grow to be one of many fastest-growing sectors inside insurtech. As embedded finance matures, bolttech’s means to plug insurance coverage straight into companion platforms helps make insurance coverage an invisible a part of the digital buyer expertise.
Photograph by Vlad Deep on Unsplash
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