Bolttech, a Singapore-based insurance technology firm, has successfully raised more than $100 million in its latest Series C funding round, bringing its valuation to $2.1 billion. This round was led by Dragon Fund, a subsidiary of Mitsubishi UFJ Financial Group, and fintech direct lender Liquidity Group. The funding will support bolttech’s global expansion strategy.
Funding and Company Growth
The Series C funding round represents a significant increase from the $1.6 billion valuation in its previous Series B round, which took place in May 2023. Bolttech, founded in 2020, operates a digital platform that facilitates the buying and selling of insurance and protection products. The company’s platform connects insurers, distributors, and customers in over 35 markets across North America, Asia, Europe, and Africa.
Investment Details
In addition to Dragon Fund and Liquidity Group, other notable investors in the Series C round include UK investment management firm Baillie Gifford and the private equity arm of insurer Generali, Lion River. The latest investment marks a continued interest in the insurtech sector, which saw a peak of $1.38 billion in global investment in Q3 2023, driven in part by the growing influence of artificial intelligence in the industry.
Additional Funding
Bolttech also secured additional financial backing in 2023. In September, the company extended its Series B round, raising $246 million, including $50 million from impact investment firm LeapFrog. Last month, it closed a $50 million venture debt facility with HSBC.
