Bolttech sets insurtech record with ‘largest Series B’ fundraising
Fast-growing insurtech bolttech has secured an additional $50 million in its Series B funding round, elevating the total to $246 million — a “record-breaking” amount for an insurtech’s Series B. The firm intends to use these funds to bolster its global expansion, with a focus on emerging markets.
The Singapore-based insurtech has raised $50 million from LeapFrog Investments. bolttech seeks to expand its technology-enabled ecosystem for protection and insurance for emerging consumers.
bolttech will benefit from LeapFrog’s experience with tech-enabled insurance businesses in Africa and Asia to help target its products in the market.
As part of the investment, Fernanda Lima, partner and co-head of LeapFrog’s Asia financial services team, will join bolttech’s board as a non-executive director. Fernanda will support the insurtech’s emerging market presence and business growth, and help develop its long-term ESG strategy.
Rob Schimek (pictured), group chief executive officer at 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. We look forward to working with her as we achieve our vision of connecting people around the world with more ways to protect the things they value.”
Lima said: “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. It is my privilege to take on this role, and I am excited to draw upon my experience and work with the other members of the board to steer bolttech towards its goals.”
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