The startup's Series A round is the largest-ever for an insurtech.
Singapore-based bolttech is adding two new strategic investors: Singapore-based global investor EDBI and Alma Mundi Insurtech Fund from Spain, bringing the fundraising round to $210 million, according to an announcement on Tuesday.
The additional capital will help bolttech further enable its partners and customers with enhanced technology and digital capabilities. Bringing on these new strategic investors will also help strengthen its presence in Southeast Asia, Europe, and its other existing markets, as the business accelerates its international growth strategy, bolttech said.
«They bring an extensive network and deep expertise in their respective markets which will help propel our growth and support our innovation for our partners and customers around the world,» group CEO Rob Schimek said about the strategic investors.
Fast-Growing
Launched in 2020, bolttech is the digital protection and insurance business of Asia-based investment firm Pacific Century Group, which also operates insurer FWD. The platform is the world's largest insurance exchange, with $5 billion in premiums on the platform, 7.7 million customers and over 700 distribution partners.
The startup previously announced an oversubscribed $180 million Series A funding round, which values bolttech at more than $1 billion.
