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 contains contributions from Baillie Gifford and Generali’s Lion River. It values the corporate at $2.1bn (S$2.85bn).
The recent capital will help bolttech’s world development technique, serving to to reinforce its platform’s capabilities and aiding its enlargement plans.
It would additionally expedite bolttech’s mission to make insurance coverage extra customised, accessible and inexpensive for patrons.
In September 2023, bolttech secured $50m from LeapFrog Investments in its Collection B extension, rising the spherical complete 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 know-how and programme administration answer integrates insurance coverage into buyer buy journeys, enhancing entry to inexpensive, customised merchandise. As a technology-first supplier, bolttech is effectively 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 business. With this funding from Dragon Fund and our Collection C buyers, we’ll proceed to revolutionise the way forward for insurance coverage by our main technology-enabled ecosystem.”
