Singaporean Insurtech Bolttech Clinches Unicorn Status With US$180 Million Series A
by Fintech News Singapore July 2, 2021Singaporean insurtech firm bolttech announced the completion of an oversubscribed US$180 million series A funding round which values it at more than US$1 billion, giving it unicorn status only one year after its launch in 2020.
The fundraise led by Activant Capital Group, joined by investors including Tony Fadell – Principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments.
The investment will be used for its plans to consolidate its position in the United States.
Additionally, the funds will enable its partners and customers with enhanced technology and digital capabilities, and strengthen its presence in its existing markets while continuing to expand internationally.
As part of the investment, Richard Benson-Armer, Partner at Activant, will join bolttech’s board of directors which already includes Peter Hancock, Robert Kyncl, and Malcolm Turnbull, amongst others.
bolttech is said to have transacted US$5 billion in premiums on the platform, providing a gateway to more than 5,000 products and 150 insurance providers.
Supported by a team of 1,400 employees, bolttech works with partners such as insurers, telcos, retailers, banks, e-commerce and digital destinations, to seamlessly embed insurance into their customer journeys at the point of need.
bolttech reported that it serves more than 7.7 million customers in 14 markets across 3 continents namely North America, Asia, and Europe, with licenses in 50 states in the U.S. and several key markets in Asia and Europe-wide.
Rob Schimek
Rob Schimek, bolttech’s Group Chief Executive Officer, said,
“We are delighted to welcome our new investors, and together with their support and partnership, we look forward to continuing on our mission to become the world’s leading technology-enabled ecosystem for protection and insurance.
This investment will help us connect even more insurers, distributors, and customers on our platform, shaping the future of insurance distribution.”
Featured image: bolttech team
