Singaporean embedded insurance coverage supplier bolttech has closed its Collection B funding spherical, led by Japanese insurer Tokio Marine, at $196m.
The spherical valued bolttech at $1.6bn and noticed the participation of MetLife’s enterprise unit MetLife Subsequent Gen Ventures.
Malaysia’s sovereign wealth fund Khazanah Nasional, together with new and current shareholders, additionally joined the spherical.
Utilizing the recent infusion, bolttech seeks to put money into proprietary know-how and digital capabilities for enterprise companions and finish shoppers.
The startup additionally appears to be like to extend the scale of its workforce and improve its worldwide enlargement plans.
Commenting on the newest elevate, bolttech Group CEO Rob Schimek acknowledged: “We are actually one of many quickest rising insurtechs on the earth, enabling our companions to seek out new income streams, speed up their digital transformation, and deepen their buyer relationships.
“We thank all our Collection B traders for his or her assist, and we’re excited to welcome our new traders, respected leaders of their respective areas, and look ahead to robust partnerships that can gas bolttech’s continued development on our path to profitability in 2024.”
bolttech follows the B2B2C mannequin, linking insurers with distributors and their prospects.
It at present connects 700 distribution companions with greater than 230 insurance coverage companies, whereas offering greater than 6,000 merchandise.
The corporate launched in early 2020 and now has a presence in over 30 markets worldwide, with licences to function throughout Asia, Europe and all 50 states within the US.
It presently quotes almost $55bn of annualised premiums.
In 2021, bolttech raised $247m in a Collection A fundraising spherical.