bolttech raised $147 million in a Collection C spherical, bringing its whole funding to over $690 million and boosting its valuation to $2.1 billion.
Sumitomo joined as a strategic investor and associate, forming a three way partnership with bolttech to increase embedded insurance coverage throughout Asia.
bolttech’s platform powers embedded insurance coverage for industries like telecom, e-commerce, and banking, making insurance coverage a seamless a part of the digital shopping for expertise.
Singapore-based insurtech firm bolttech introduced this week that it has closed its Collection C spherical after elevating $147 million.
Closing out at this time’s spherical had been Sumitomo Company and Iberis Capital as strategic buyers. The funds deliver bolttech’s whole funding to someplace north of $690 million and increase the corporate’s valuation to $2.1 billion. Earlier buyers to the Collection C spherical are Dragon Fund, Baillie Gifford, Generali’s Lion River, and others.
For its half, Sumitomo Company has not simply turn into a strategic investor, nevertheless it has additionally entered a three way partnership with bolttech to ship embedded insurance coverage packages for its Asia-based companions. This alerts not solely a monetary endorsement but additionally a strategic distribution partnership in Asia, which is usually a area ripe for fintech development.
“We’re thrilled to affix forces with bolttech—each as a strategic investor and thru our three way partnership,” mentioned Sumitomo Group CEO of Media & Digital Group Shinichi Kato. “We’re assured that this partnership will allow us to work intently with the bolttech group to drive development and innovation throughout the Asia area.”
Based in 2020, bolttech operates an embedded insurance coverage platform. The corporate permits shoppers in telecom, banking, e-commerce, and retail to embed insurance coverage choices inside their current buyer journeys. For instance, a buyer buying a cell phone on-line may be supplied machine safety at checkout, powered by bolttech’s infrastructure. bolttech helps this with a modular tech stack that features product suggestion engines, coverage administration, claims administration, and associate onboarding. The corporate works with tons of of insurers and companions throughout industries, serving tens of millions of consumers in 37 markets throughout 4 continents.
bolttech anticipates that the Collection C spherical will allow it to boost the platform’s capabilities and speed up its international development technique, making insurance coverage extra customized, accessible, reasonably priced, and handy for patrons.
“We’re delighted to welcome our latest strategic buyers Sumitomo Company and Iberis Capital as we efficiently shut our Collection C,” mentioned bolttech Group CEO Rob Schimek. “This funding is a powerful endorsement of our distinctive enterprise proposition, reinforcing our dedication to enabling a greater insurance coverage expertise for patrons worldwide. We’re excited to proceed our journey to construct the way forward for insurance coverage, working in direction of our imaginative and prescient of connecting folks with extra methods to guard the issues they worth.”
The funding reveals elevated curiosity in embedded insurance coverage, which is rising to turn into one of many fastest-growing sectors inside insurtech. As embedded finance matures, bolttech’s skill to plug insurance coverage immediately into associate platforms helps make insurance coverage an invisible a part of the digital buyer expertise.
Picture by Vlad Deep on Unsplash
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