International insurtech bolttech has raised US$196 million in connection with its Series B funding, for a total valuation of US$1.6 billion. This makes it the largest straight equity Series B for an insurtech in the past year, an achievement that bolttech managed following its largest ever Series A round for an insurtech in 2021.
The funding round was led by Tokio Marine, with other key investors in the mix such as insuring giant MetLife through subsidiary MetLife Next Gen Ventures, Malaysian sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.
According to a news release, bolttech said that the Series B proceeds will further fuel its organic growth, including proprietary technology investments, digital capabilities for business partners and end consumers, and talent across the insurtech’s markets, of which there are more than 30.
bolttech group CEO Rob Schimek (pictured) said that the insurtech’s achievements come a long way despite only celebrating its third anniversary since its launch in 2020.
“We are now one of the fastest-growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships. We thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024,” Schimek said.
Elsewhere in the company, the insurtech recently partnered with Malaysian retail brand AEON for device insurance and support services for mobile devices and appliances purchased at the latter’s stores.
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