Bolttech raises $196m in Series B to fuel organic growth
By Delisha Fernandes
Bolttech, an embedded insurance provider, has raised $196 million in connection with its Series B with an up-round valuation of $1.6 billion.
Tokio Marine, an insurance company with a 140-year history, led the round. Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Ge Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, and new and existing shareholders.
Bolttech will use the proceeds of Series B to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers, and talent across Bolttech’s 30+ markets. In addition, the funds will be used to explore inorganic opportunities to accelerate international growth.
Rob Schimek, Chief Executive Officer Bolttech, said, “Having just celebrated our third anniversary since our launch in 2020, we are incredibly proud of what we have achieved on our mission to build the world’s leading, technology-enabled insurance ecosystem. We are now one of the fastest-growing insurTechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.”
Schimek added, “We thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel Bolttech’s continued growth on our path to profitability in 2024.”
The support of such esteemed investors is a resounding validation of Bolttech’s leadership, innovative business model, and unique value proposition in shaping the future of insurance. The company has maintained a strong financial foundation with a clear path to profitability while driving its rapid growth and scale to build the most comprehensive international presence for an insurTech.
IBSi Daily News Analysis
December 01, 2023
UAE consumers turn to banks for advice on sustainable financeRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage