Fast-growing insurtech bolttech secures new investor after largest ever Series A to fuel international expansion
bolttech, the fast-growing unicorn that recently raised the largest ever Series A funding round for an insurtech, has secured a new strategic investor to fuel the next phase of its international growth and expansion across Asia.
BRV Capital Management (BRV), a tech-focused, Asia-based growth equity arm of BlueRun Ventures that has an active presence across Seoul, Tokyo, Hong Kong, Beijing, Shanghai, and Menlo Park, has made a strategic investment in bolttech.
The move follows bolttech’s “oversubscribed” Series A round led by investors including Activant Capital, Tony Fadell – Principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, Tarsadia Investments, EDBI Singapore and Mundi Ventures.
bolttech plans to use the investment proceeds to accelerate its international growth strategy. It hopes the partnership with BRV will help propel expansion across Asia, particularly in Korea where bolttech has achieved rapid growth by delivering innovative device protection solutions.
bolttech has built a global footprint in 26 markets across North America, Asia, and Europe working with more than 150 insurers and 700 distribution partners, with $5 billion premium transacting through its insurance exchange.
Rob Schimek (pictured), group chief executive officer of bolttech, said: “We have set out to be ambitious in the implementation of our international growth strategy, moving with speed and conviction to make strategic acquisitions and invest in our talent and capabilities. BRV’s investment is further validation of our unique proposition and vision to connect people with more ways to protect the things they value. We are delighted to welcome BRV as a strategic investor and look forward to capturing the commercial opportunities made possible by this partnership.”
Kwan Yoon, general partner at BRV Capital Management, said: “ bolttech’s leading technology-driven insurance exchange and distribution network presents a very compelling opportunity to be a part of a future of insurance that will benefit customers and partners alike. We are excited to partner with bolttech and support its continued international expansion by extending our own resources and networks.”
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