Insurtech start-up bolttech becomes unicorn in first year of launch
bolttech, an international insurtech start-up active in 14 markets across North America, Asia and Europe, has achieved the unicorn status following the completion of its "oversubscribed" $180 million series A funding round.
The investment round is said to be the largest series A round for an insurtech and values bolttech at more than $1 billion, giving it the unicorn status only a year after its launch in 2020.
The funding was led by Activant Capital Group, with participation from investors including Tony Fadell – Principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments.
The company will use the proceeds to accelerate its continued growth, and plans to consolidate its position in the US. The additional capital will also help bolttech further enable its partners and customers with enhanced technology and digital capabilities, and strengthen its presence in its existing markets while continuing to expand internationally.
Launched in 2020, bolttech aims to "transform the way insurance is bought and sold". With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products. The company’s insurance exchange is said to be the largest in the world transacting $5 billion in premiums on the platform, providing a gateway to more than 5,000 products and 150 insurance providers.
Rob Schimek, bolttech’s group chief executive officer, said: “We are delighted to welcome our new investors, and together with their support and partnership, we look forward to continuing on our mission to become the world’s leading technology-enabled ecosystem for protection and insurance. This investment will help us connect even more insurers, distributors, and customers on our platform, shaping the future of insurance distribution.”
As part of the investment, Richard Benson-Armer, partner at Activant, will join bolttech’s board of directors which currently includes Peter Hancock, Robert Kyncl, and Malcolm Turnbull, amongst others.
Steve Sarracino, founder and partner at Activant, said: “As avid investors in commerce infrastructure and insurtech, we understand the skill that's needed to connect this highly fragmented industry while also eliminating unnecessary friction and unlocking the purchase experience that consumers want. The scale and breadth of bolttech's platform makes them a clear leader in insurtech and an enabler for the industry at large, and we're incredibly excited to partner with Rob and the global team as they redefine what's possible in insurance."
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