Singapore-based Bolttech, backed by Hong Kong billionaire Richard Li, raised an additional $50 million in Series B funding for a total of $246 million—which it says is the largest ever Series B round for an insurtech.
The additional funding came from LeapFrog Investments, a Temasek-backed private equity firm focused on financial servives and healthcare. “Bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets,” said Fernanda Lima, partner and co-head of LeapFrog’s Asia financial services team, in a statement. On the back of the extension, Bolttech said it will appoint Lima to its board as a non-executive director.
Launched in 2020, Bolttech operates as a digital insurance exchange, connecting businesses with insurers and other distributors. Businesses can purchase insurance coverage for their customers on everything from health to gadgets. Its clients include Korean tech giant Samsung, which uses Bolttech to offer device protection insurance at points of sale. The startup claims its online platform supports over 6,000 insurance products from 230 insurers and 700 distribution partners, with $55 billion worth of annualized premiums.
Bolttech says the new funding will go towards its global growth strategy, with a focus on countries such as Indonesia, the Philippines and Vietnam. Bolttech currently serves more than 30 markets across three continents and more than two million “emerging consumers,” which the startup defines as individuals living on less than $11.20 purchasing power parity (PPP) a day. When asked whether Bolttech is profitable, a representative told Forbes Asia the startup has “established a strong financial position” and has “a clear path to profitability.”
Other backers of Bolttech include Richard Li’s investment firm Pacific Century Group, Singaporean government investment vehicle EDBI, Spanish VC fund Mundi Ventures and San Francisco-based VC firm Activant Capital. Li serves as chairman of Bolttech and his Pacific Century Group also controls life insurance company FWD, where Bolttech’s group CEO, Rob Schimek, was managing director and group chief commercial officer. To date, Bolttech has raised $493 million.
Tech adoption in the South and Southeast Asian insurance industries has accelerated following the pandemic, according to a March report from S&P Global Ratings, as factors such as improved risk awareness and financial literacy have fuelled demand for insurance. However, this adoption remains a “slow burn,” as traditional distribution models that emphasize in-person interaction will remain key for at least the next decade, the report added.
Aside from Bolttech, rising insurtech startups have emerged across Asia. Three earned spots on this year’s Forbes Asia 100 to Watch list: Hong Kong-based Bowtie, which announced it raised a $34.9 million Series B2 funding round last week; Lima Tech, which develops software tools for Chinese insurance companies such as PICC, China Taiping and Ping An; and PolicyStreet, which has raised a total of $22 million from investors including Malaysia’s sovereign wealth fund, Khazanah Nasional.
Source: Fox Business
Some Americans forced to forgo Christmas gifts due to inflation: Survey
Family of suspect in Queens fatal stabbings say he suffered from mental health issues
Who will run Gaza after the war? U.S. searches for best of bad options
Taylor Swift on hand at Lambeau Field to watch Travis Kelce, Chiefs face Packers
NFL chain crew member dislocates his knee during Lions-Saints game
49 Best Black Friday Mattress Deals You Can Still Shop 2023
37 Cyber Monday Treadmill Deals to Shop Right Now 2023
5 Best Blue-Chip Stocks For 2024
36 Cyber Monday Treadmill Deals to Shop Right Now 2023
44 Best Cyber Monday Mattress Deals You Can Shop in 2023
Dean McDermott Takes the Blame for the Demise of His Marriage to Tori Spelling as the Former Reality TV Stars Both Move On
John Lennon Sent Elvis a Heartfelt Message After Meeting Him
Charlie Munger’s Most Important Investing Lesson
James Cameron Once Explained How Sigourney Weaver Reversed Her ‘Aliens’ Role in ‘Avatar’
Does Bill Belichick want to stay here in New England? Here’s what he said, plus other final thoughts.
Sport18 hours ago
Dana White slams ‘one of the worst’ refereeing displays as fighter is battered
News19 hours ago
Israel widens evacuation orders as it shifts its offensive to southern Gaza amid heavy bombardments
Sport20 hours ago
Paul Scholes slams ‘lazy’ Man Utd as legend tears into two stars in particular
News21 hours ago
Ringo Starr Said People Read ‘Madness’ Into The Beatles’ Songs
News19 hours ago
IMF chief makes the case for carbon pricing as ‘writing on the wall’ for oil and gas
Auto19 hours ago
Stunning Genesis Gran Turismo Revs To 10,000 RPM In Fantasy Land
News22 hours ago
Trump slams JPMorgan CEO Jamie Dimon for praising Nikki Haley
News22 hours ago
Nvidia’s automotive chip sales still riding high in China