Insurtech giant bolttech raises nearly $200m in Tokio Marine-led Series B round


Insurtech giant bolttech announced today that it has raised $196 million in its Series B funding round, reaching a valuation of $1.6 billion.

Japan’s first insurance company, Tokio Marine, led the round, while other key investors included MetLife through its subsidiary, MetLife Next Gen Ventures, and Malaysia’s sovereign wealth fund, Khazanah Nasional, along with new and existing shareholders.

This funding defies the current capital market trend, as global insurtech mega-round funding ($100 million and above) is at its lowest level since Q1 2020, according to a Gallagher Re report. Bolttech’s Series B is the largest straight equity round for an insurtech in the past year, following the company’s record-breaking Series A round in 2021.

The funds raised will be used to support bolttech’s organic growth, investing in proprietary technology, digital capabilities for business partners and consumers, and talent acquisition in its 30+ markets. In addition, the company will explore inorganic opportunities to accelerate international expansion.

Rob Schimek, bolttech’s Group CEO, said, “We are incredibly proud of what we have achieved so far on our mission to build the world’s leading, technology-enabled insurance ecosystem. We are now one of the fastest-growing insurtechs globally, enabling our partners to find new revenue streams, accelerate digital transformation, and deepen customer relationships.”

The backing of such esteemed investors validates bolttech’s leadership, innovative business model, and unique value proposition in shaping the future of insurance. The company has maintained a strong financial foundation while driving rapid growth and scaling to build the most comprehensive international presence for an insurtech. – AsiaTechDesk