Bowtie bags $34.9 m Series B2 funding to fuel expansion and innovation
By Gloria Mathias
Bowtie, Hong Kong-based virtual insurer, has announced the completion of a $34.9 million Series B2 funding round. The round was led by main investor Sun Life Hong Kong, with further participation by Mitsui & Co.
Michael Chan, Co-Founder and co-CEO of Bowtie stated, “With annual recurring revenue of $25 million and over 100,000 customers, we have demonstrated solid fundamentals in growth, brand, and customer value. We would like to express our gratitude to investors for their continued trust and support. In today’s competitive business environment, investors not only seek top-line growth from startups but also a clear path to profitability, which makes our achievements even more precious.”
Bowtie’s growth is further supported by repeated purchases from existing customers. The company has achieved a significant milestone in group medical insurance and wellness solutions, serving more than 500 small and medium-sized enterprises and technology-embracing companies across various industries, including FinTech, telecommunications, and airlines.
Sun Life Hong Kong Limited, an early investor in Bowtie which led this Series B2 funding round, acknowledged that Bowtie’s growth proved the unlimited potential of virtual insurance. Clement Lam, CEO of Sun Life Hong Kong Limited, stated, “Bowtie has challenged the myth of “insurance is sold, not bought,” which was previously unimaginable. We take great pride in our support of Bowtie as they pioneer a new category of health insurers. Together, we are dedicated to making insurance more affordable and accessible to all.”
Tomoya Shishido, CEO at Hong Kong Branch of MBK Healthcare Management, stated, “Bowtie’s innovative initiatives have the potential to reshape the insurance landscape. Their approach aligns incentives and breaks down complexities between insurers and healthcare providers, marking a crucial step in developing a value-based healthcare ecosystem, which is why Mitsui is keen to invest.”
With the new funding, Bowtie is poised to further expand its operations and technologies to fill Hong Kong’s $886 billion protection gap. Bowtie aims to accelerate product innovation and vertical integration with healthcare providers to create differentiations that fundamentally change the customer experience.
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