Global insurtech leader bolttech has announced a successful Series B funding round, raising $196 million at a valuation of $1.6 billion.
The round was led by Japan’s oldest insurance firm, Tokio Marine, with significant contributions from MetLife through its subsidiary, MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund, Khazanah Nasional, and numerous new and existing shareholders.
This funding comes at a time when the insurtech sector is experiencing a drop in mega-round funding. However, bolttech has bucked this trend with the largest straight equity Series B for an insurtech in the past year, following its record-breaking Series A round in 2021.
The funds raised will be used to boost bolttech’s organic growth, through investments in proprietary technology, digital services for business partners and consumers, and talent acquisition across its 30+ markets. The company also plans to explore inorganic opportunities to stimulate international expansion.
“Having just celebrated our third anniversary, we are incredibly proud of our achievements,” said Rob Schimek, bolttech’s Group CEO. “We are now one of the fastest-growing insurtechs globally, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.”
The backing from such prestigious investors validates bolttech’s leadership, innovative business model, and its unique value proposition in shaping the future of insurance. The company has balanced rapid growth with a strong financial foundation, working towards profitability by 2024 while building a comprehensive international presence.
bolttech is a global B2B2C insurtech that connects insurers with distributors and customers, licensed to operate across Asia, Europe, and all 50 US states.
The company now quotes approximately $55 billion worth of annualized premiums, connecting 700 distribution partners with over 230 insurance providers, offering more than 6,000 product variations.