bolttech raised $147 million in a Collection C spherical, bringing its complete funding to over $690 million and boosting its valuation to $2.1 billion.
Sumitomo joined as a strategic investor and accomplice, forming a three way partnership with bolttech to broaden 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 complete funding to someplace north of $690 million and enhance 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 develop into a strategic investor, however it has additionally entered a three way partnership with bolttech to ship embedded insurance coverage applications for its Asia-based companions. This alerts not solely a monetary endorsement but additionally a strategic distribution partnership in Asia, which is mostly a area ripe for fintech progress.
“We’re thrilled to hitch forces with bolttech—each as a strategic investor and thru our three way partnership,” stated Sumitomo Group CEO of Media & Digital Group Shinichi Kato. “We’re assured that this partnership will allow us to work carefully with the bolttech group to drive progress and innovation throughout the Asia area.”
Based in 2020, bolttech operates an embedded insurance coverage platform. The corporate permits purchasers 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 is likely to be supplied gadget safety at checkout, powered by bolttech’s infrastructure. bolttech helps this with a modular tech stack that features product advice engines, coverage administration, claims administration, and accomplice onboarding. The corporate works with a whole bunch of insurers and companions throughout industries, serving thousands and thousands of shoppers 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 progress technique, making insurance coverage extra customized, accessible, inexpensive, and handy for purchasers.
“We’re delighted to welcome our latest strategic buyers Sumitomo Company and Iberis Capital as we efficiently shut our Collection C,” stated bolttech Group CEO Rob Schimek. “This funding is a robust endorsement of our distinctive enterprise proposition, reinforcing our dedication to enabling a greater insurance coverage expertise for purchasers worldwide. We’re excited to proceed our journey to construct the way forward for insurance coverage, working in the 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 develop into one of many fastest-growing sectors inside insurtech. As embedded finance matures, bolttech’s means to plug insurance coverage immediately into accomplice platforms helps make insurance coverage an invisible a part of the digital buyer expertise.
Picture by Vlad Deep on Unsplash
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