Bolttech, a Singapore-based Insurtech company, has officially announced the completion of a $180 million Series A round which was led by Activant Capital Group along with other investors such as Alpha Leonis Partners, Tony Fadell – Principal at Future Shape, B. Riley Venture Capital, Dowling Capital Partners, and Tarsadia Investments.
With this funding, Bolttech currently holds a valuation of over $1 billion, thereby gaining a Unicorn status in just a year after it become operational.
Sources claim that the firm will utilize the raised funds to enhance its position in the US market. The funds will also be used to offer enhance technology and digital capabilities to the company's partners and clients.
Apart from this, it will be used to strengthen Bolttech's position in the existing market and continue expanding globally. The investment deal will see Mr. Richard Benson-Armer, Partner at Activant, join the Board of Directors along with Robert Kyncl, Peter Hancock, Malcolm Turnbull, and other industry leaders.
With a team of 1,400 professionals, Bolttech collaborates with partners, including retailers, insurance firms, e-commerce, telcos, banking institutions, and digital destinations, to embed insurance into their clients' journey as needed. The company claims to have generated $5 billion in premiums through its platform, which provides access to over 5,000 products and 150 different insurers.
The company assists approximately 7.7 million customers in 14 main markets across three continents (North America, Europe, and Asia) and has secured licenses in 50 states of the US as well as in Europe and Asia.
As stated by Rob Schimek, CEO of Bolttech Group, their firm is elated to welcome new investors and looks forward to continuing on the mission of creating the world's premier technology-enabled ecosystem for protection and insurance with their help and participation. This investment will enable Bolttech to connect with more insurers, distributors, and customers on its platform, helping build a strong future for insurance distribution.