Singapore-based insurtech powerhouse Bolttech has achieved a significant milestone with its latest Series C funding round, raising over $100 million in a deal that values the company at $2.1 billion. The investment, led by Dragon Fund, alongside Liquidity and MUFG, marks another substantial victory for the rapidly expanding insurance technology firm.
The funding round has attracted prestigious investors, including follow-on participation from Baillie Gifford and Generali’s private equity division, Lion River. This successful raise follows Bolttech’s previously record-breaking Series A and B rounds, cementing its position as a dominant force in the embedded insurance sector.
Bolttech’s innovative approach to insurance technology has revolutionized how insurance products are integrated into customer purchase journeys. The company’s platform enables seamless delivery of customized, affordable insurance solutions, targeting a global embedded insurance market estimated to be worth over $70 billion.
Dragon Fund’s Chief Investment Officer, Ridhi Chaudhary, who will join Bolttech’s board of directors, expressed enthusiasm about the investment, highlighting the company’s rapid ascent to becoming a leading embedded insurtech player with global reach. The fund’s Managing Director, Aakash Tulsani, emphasized Bolttech’s unique technology and program management solutions as key differentiators in the market.
Rob Schimek, Bolttech’s Group CEO, views the funding as a strong endorsement of the company’s value proposition and innovation strategy. Speaking about the company’s market position earlier this year, Schimek confidently stated that Bolttech’s revenue significantly outpaces its competitors in the embedded insurance space, which he believes has a potential market value in the trillions of dollars.
The investment will fuel Bolttech’s ambitious global expansion plans and enhance its platform capabilities. The company aims to make insurance more accessible, tailored, and convenient for customers worldwide, leveraging its technology-first approach to transform the traditional insurance landscape.
Hendrik Borginon, Investment Manager at Baillie Gifford, praised Bolttech as a pioneer in the embedded insurance space, noting the company’s potential for significant growth and profitability under its experienced leadership team. The company’s ability to seamlessly integrate insurance products into distribution partners’ offerings has positioned it as a transformative force in global insurance distribution.
Looking ahead, Bolttech’s strategy includes potential accretive merger and acquisition opportunities, though Schimek emphasizes a selective approach based on specific criteria. The company seeks profitable ventures that align with its growth objectives without compromising financial stability.
The successful funding round reflects growing investor confidence in the insurtech sector and particularly in Bolttech’s business model. Rather than focusing on competition within the industry, Schimek advocates for collaborative growth, describing the embedded insurance market as “a huge pie” with ample opportunity for multiple players to succeed.
This latest investment represents more than just capital injection; it signals growing market confidence in the transformation of traditional insurance distribution through technology. Bolttech’s success in attracting major institutional investors and achieving an increased valuation demonstrates the market’s appetite for innovative insurance solutions that prioritize customer accessibility and convenience.
As the company moves forward with its expansion plans and platform development, this funding round positions Bolttech to further revolutionize the insurance industry through its technology-enabled ecosystem, potentially reshaping how insurance products are distributed and consumed globally.
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