Hong Kong insurtech Bowtie has successfully concluded a $34.9 million Series B2 funding round, led by Sun Life Hong Kong and with significant contributions from Mitsui & Co.
The insurtech emphasised that the investment reflects the strong trust and confidence its investors have in the company’s potential to revolutionise access to health insurance for customers. The newly acquired funds are earmarked to enhance Bowtie’s technological capabilities and extend its efforts to address Hong Kong’s $886 billion protection gap.
A report noted that the company also aims to accelerate product development and deepen integration with healthcare providers, ultimately reshaping the customer experience with unique value propositions.
In the first half of 2023, Bowtie has topped Hong Kong’s direct sales channel, securing a market share of approximately 30% and maintaining its top position for the second consecutive year. Driving this growth are Bowtie’s digital health and insurance offerings.
Bowtie also emphasised the remarkable growth of its critical illness products, which have witnessed a surge of over 100% in the last year, as well as its extensive expansion into group medical insurance, serving over 500 SMEs and forward-thinking tech firms.
“With a yearly recurring revenue of $25 million and a customer base exceeding 100,000, our strong growth metrics, brand strength, and customer value are evident,” Bowtie co-CEO and co-founder Michael Chan said.
What are your thoughts on this story? Please feel free to share your comments below.
