Singapore insurtech firm bolttech has introduced a Collection C funding spherical led by Dragon Fund of Liquidity and MUFG.
This funding spherical, anticipated to fetch greater than $100m, additionally consists of contributions from Baillie Gifford and Generali’s Lion River. It values the corporate at $2.1bn (S$2.85bn).
The contemporary capital will assist bolttech’s world progress technique, serving to to boost its platform’s capabilities and aiding its growth plans.
It would additionally expedite bolttech’s mission to make insurance coverage extra customised, accessible and reasonably priced for purchasers.
In September 2023, bolttech secured $50m from LeapFrog Investments in its Collection B extension, rising the spherical whole to $246m.
This adopted the corporate’s Collection A spherical in 2021, which raked in $210m.
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Final month, the insurtech firm closed a $50m enterprise debt facility with HSBC.
Dragon Fund MD Aakash Tulsani said: “bolttech’s differentiated expertise and programme administration answer integrates insurance coverage into buyer buy journeys, enhancing entry to reasonably priced, customised merchandise. As a technology-first supplier, bolttech is nicely positioned to form the way forward for embedded insurance coverage, a $70bn-plus addressable market globally.”
Bolttech CEO Rob Schimek mentioned: “This newest spherical of funding is an endorsement of our worth proposition and marks one other vital milestone for bolttech. The funding additionally demonstrates our relentless pursuit of innovation and excellence as we allow the insurance coverage trade. With this funding from Dragon Fund and our Collection C traders, we are going to proceed to revolutionise the way forward for insurance coverage via our main technology-enabled ecosystem.”
