Heaptalk, Jakarta — Bolttech, an Insurtech startup based in Singapore, obtained its Series C funding round led by Dragon Fund, an entity supported by Liquidity and MUFG. Additional participants in this round include Baillie Gifford and Generali through its private equity arm, Lion River, which collectively contributed over $100 million. Building on the success of Bolttech’s record-breaking Series A and B rounds, this funding round elevates the company’s valuation to $2.1 billion.
The Series C funding will enable Bolttech to continue enhancing its platform’s capabilities, expand its market presence globally, and accelerate its goal of making insurance more tailored, accessible, affordable, and convenient for customers. This investment follows the startup’s previous successful funding rounds, further establishing its role as a leader in the insurtech space.
Aakash Tulsani, Managing Director at Dragon Fund, highlighted the company’s unique approach: “Bolttech’s advanced technology and integrated program management solutions seamlessly embed insurance within customer purchase experiences, increasing access to affordable and tailored insurance products. Positioned as a technology-first provider, Bolttech is poised to redefine the $70 billion global embedded insurance market.”
Bolttech is a global insurtech startup on a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. The startup serves customers in over 35 Asian, European, North American, and African markets.
Bolttech’s Group CEO, Rob Schimek, remarked on the milestone, saying, “This funding round affirms the value we bring to the industry and marks a critical step in our journey. The backing from Dragon Fund and our Series C investors fuels our commitment to innovation and leadership as we continue reshaping the insurance landscape through our advanced technology-driven ecosystem.”
The platform offers an embedded insurance service as one facility when customers purchase several products and services. For instance, smartphone customers might be prompted to buy a protection plan offering repair, device replacement, or trade-in. With a B2B2C business scheme, the startup had over 700 distribution partners and 230 insurers as of 2023. Last year, Bolttech received an additional investment of US$50 million, or approximately Rp768 billion, from LeapFrog in its Series B round. With this new funding, this startup has uplifted its valuation to US$246 million.
“Bolttech facilitates seamless integration of insurance products with distribution partners, revolutionizing how insurance is transacted globally. We are confident in the experienced team’s ability to drive significant growth and profitability.” Hendrik Borginon, Investment Manager at Baillie Gifford, said.