Singapore-based insurtech unicorn bolttech has raised $196 million in a Series B funding round that valued the company at $1.6 billion.
Led by Japan’s pioneer insurance firm Tokio Marine, the round also saw contributions from MetLife through its subsidiary MetLife Next Gen Ventures, and Malaysia’s sovereign wealth fund Khazanah Nasional, alongside other shareholders.
The fresh funds will be used to catalyze bolttech’s organic growth, investing in proprietary technology, digital services, and talent across its 30+ markets. The company also intends to explore inorganic opportunities to accelerate its international growth.
Despite a downturn in mega-round funding for the global insurtech sector, bolttech’s Series B marks the largest straight equity Series B for an insurtech in the last year. The raise follows the company’s record-breaking Series A round in 2021.
Group CEO Rob Schimek expressed pride in the company’s achievements, stating, “We are now one of the fastest-growing insurtechs in the world… We thank all our Series B investors for their support, and look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024.”