Bolttech Secures $147M in Series C Funding, Valued at $2.1B, to Expand Embedded Insurance Offerings

Singapore-based insurtech company Bolttech has announced the closing of a $147 million Series C funding round, bringing its valuation to $2.1 billion. This latest investment will fuel the company’s efforts to enhance its embedded insurance offerings and expand its global reach.

Bolttech operates as a connective platform linking insurers, distributors, and customers, facilitating the integration of insurance products directly into the customer purchase journey. This approach allows businesses to offer relevant insurance options precisely when customers are most receptive.

The Series C round follows an initial close of $100 million, led by Dragon Fund, with participation from Baillie Gifford and Generali. This new tranche includes investments from Sumitomo Corporation and Iberis Capital.

Founded in 2020 by Eric Gewirtzman and Rob Schimek, Bolttech specializes in embedded insurance, integrating protection products into the customer purchase experience. The company has rapidly grown its B2B2C model, connecting approximately 700 distribution partners with over 230 insurers, covering more than 6,500 products globally.

As part of the Series C, Bolttech is entering a joint venture with Sumitomo Corporation to deliver embedded insurance products and comprehensive services to partners across Asia.

The funding will be used to enhance Bolttech’s R&D capabilities and improve its insurance technology, focusing on data analytics and AI. Expansion into Africa and North America is also planned.

While the number of distribution partners and insurers has remained relatively stable, Bolttech reports that its total annualized premiums have increased to approximately $60 billion as of April, up from $55 billion in May 2023.

Bolttech faces competition from traditional insurers and other technology-focused players. The company emphasizes a “coopetition” approach, believing that collaboration within the industry is essential to expanding access to insurance globally, according to Schimek.

Bolttech’s investor base includes major insurers like Tokio Marine and MetLife, and it has partnerships with companies such as Allianz, Apple, AXA, Liberty Mutual, Orange, Progressive, Lazada, Samsung, and Home Credit.