Singapore-based insurtech unicorn bolttech has announced raising over $100 million in a Series C funding round that valued the company at $2.1 billion, up from just $1.6 billion in May 2023.
The Series C funding round was anchored by Dragon Fund of Mitsubishi UFJ Financial Group and insurtech direct lender Liquidity Group. Baillie Gifford, Generali’s Lion River, and others also backed the fundraising.
Dragon Fund recently co-anchored the $60 million funding round in CarDekho SEA, the Southeast Asia business unit of India’s CarDekho Group.
In a statement, bolttech said it will continue to enhance its platform’s capabilities, expand its market presence globally, and drive innovation in its insurtech propositions.
The latest funding round comes about 15 months after the bolttech raised $246 million in total in Series B funding. In September last year, the startup secured $50 million from investment firm LeapFrog.
The company secured $247 million in its Series A round in 2021, turning it into a unicorn. Last month, bolttech announced the closing of a $50 million venture debt facility with HSBC.
Founded in 2020, bolttech operates an exchange that connects over 700 distribution partners with more than 230 insurance providers offering over 6,000 insurance products. The company has licences to operate throughout Asia, Europe, and 50 US states.
Bolttech has been snapping up a series of insurance firms over the years, including Indonesian insurance broker Axle Asia (October 2022), Singaporean insurance intermediary AVA Insurance (February 2022)l and Europe’s i-surance (July 2021). According to bolttech, these firms were acquired for their local market expertise, domestic insurance licences, and business fundamentals.
With the latest funding round bolttech joins a number of insurtech startups in the region that have raised funding recently. Among them is Indonesian insurtech startup Rey, which secured an additional seed funding of $3.5 million in September.
Southeast Asian insurtech platform Qoala, on the other hand, reported that its revenue more than doubled in 2023 on the back of lower losses.
