Tokio Marine leads $196m funding round for insurtech bolttech
Start-up insurtech bolttech, offering digital embedded insurance channels, raised $196 million in series-B funding for a valuation of $1.6 billion in a round led by Japan insurance group Tokio Marine and other new and existing shareholders including MetLife.
By the company’s own claim, it is a record fundraise to follow a record fundraise. The series-B is called the largest straight equity series B for an insurtech in the last year to follow the largest ever series A round for an insurtech in 2021.
The Series B was led by Tokio Marine alongside other existing participating shareholders and new investors including global insurer Metlife through its investment arm Metlife Next Gen Ventures and Malaysia’s sovereign wealth fund Khazanah Nasional.
bolttech’s group CEO Rob Schimek (pictured) commented: “Having just celebrated our third anniversary since our launch in 2020, we are incredibly proud of what we have achieved so far on our mission to build the world’s leading, technology-enabled insurance ecosystem. We are now one of the fastest growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.
“We look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024,” Schimek added.
Bolttech calls itself “one of the world’s leading embedded insurance providers” as a global B2B2C insurtech to connect insurers with distributors and their customers bearing licenses to operate throughout Asia, Europe and all 50 U.S. states.
bolttech claims to quote approximately $55 billion worth of annualized premiums. Globally, bolttech’s ecosystem connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.
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