Singapore insurtech company bolttech said it has raised $147 million in its Series C funding round, with Japan’s Sumitomo Corporation and Portugal’s Iberis Capital joining as new strategic investors.
The latest round brings bolttech’s post-money valuation to $2.1 billion, reinforcing its position as one of Asia’s highest-valued insurtech firms.
Sumitomo Corporation, one of Japan’s largest trading houses, has also formed a joint venture with bolttech to roll out embedded insurance offerings and integrated services across Asia.
The partnership aims to tap into the region’s growing demand for digital insurance products, enabling distribution through platforms consumers already use.
Portugal-based Iberis Capital, a private equity and venture capital firm, joins other existing Series C investors including Dragon Fund, Baillie Gifford, and Generali’s Lion River.
The funding will be used to enhance bolttech’s technology platform, support product innovation, and drive further geographic expansion.
The company said it remains focused on its mission to make insurance more accessible, affordable, and personalized for global customers.
Founded in 2020, bolttech operates an insurance exchange that connects insurers, distributors, and customers, enabling partners to offer insurance in a more integrated and seamless way. It now operates in over 30 markets across Asia, North America, and Europe.
The Series C round follows bolttech’s $180 million Series A in 2021, which at the time was one of the largest early-stage funding rounds for an insurtech globally.
The firm said the latest investment underlines continued investor confidence in the embedded insurance model and the company’s long-term growth potential.
Business News Asia