Bolttech, a Singapore-based insurtech company, has been raising series B funding. Tokio Marine, a Japanese insurer, will serve as the round’s lead investor.
As part of the agreement, Tokio Marine will invest US $50 million, increasing the insurtech company’s worth to US $1.5 billion. Tokio Marine will benefit the company’s distribution and balance-sheet capability, according to Bolttech.
Bolttech, which was established in 2020, links insurers with distributors and their clients. It is active in 30 nations across Europe, Asia, and North America.
In a series A fundraising round led by Activant last year, Bolttech secured US $247 million at a valuation of over US $1 billion. Malcolm Turnbull, a former Australian prime minister, and Richard Li, the chairman of PCCW, are members of its board of commissioners.
The insurtech company presently handles yearly premiums totalling $50 billion USD. More than 800 distribution partners and more than 200 insurance companies have been linked by it.
Bolttech intends to utilize the new money to support its goals for international growth.
