bolttech raises Series B funding of $246 m from LeapFrog

By Gloria Mathias

Global InsurTech bolttech has secured investment from LeapFrog Investments as a new strategic investor in an extension of its Series B round. LeapFrog’s $50 million investment adds to bolttech’s recent Series B funding round, now totalling US$246 million, the largest ever Series B round for an InsurTech.

bolttech will use the funding from the $50 million commitment to support its global growth strategy, with a focus on emerging markets, as well as expanding its technology-enabled ecosystem for protection and insurance for emerging consumers. The proceeds will accelerate the company’s goal of enabling the insurance industry to close the US$1.8 trillion global protection gap.

As part of the investment, bolttech will appoint Fernanda Lima, Partner, and Co-Head of LeapFrog’s Asia Financial Services team to its Board as a Non-Executive Director. Fernanda’s experience in adding value across LeapFrog’s portfolio of inclusive financial institutions around the world will support bolttech’s emerging market presence and business growth.

Rob Schimek, Group Chief Executive Officer, bolttech said, “We are thrilled to welcome LeapFrog as our new strategic investor amidst a challenging economic backdrop for InsurTechs and FinTechs globally. We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need. We also welcome Fernanda, who will bring an invaluable depth and breadth of diverse experience to our Board. ”

Fernanda Lima, Partner & Co-Head of LeapFrog’s Asia Financial Services team shared, “bolttech has established a strong position within the insurance space with its powerful technology platform and extensive distribution network. bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets. There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa.”

Through the investment, bolttech and LeapFrog will work together to promote financial inclusion by improving access to essential and affordable insurance.