Bowtie bags $22.6m in Series B1 funding round

The virtual insurer plans to use the fresh funds for its Asia expansion.

Hong Kong’s first virtual insurer, Bowtie, has raised $22.6b in a Series B1 round led by Mitsui & Co., Ltd., with participation from an existing investor, Sun Life Hong Kong Limited.

Mitsui is one of the largest Japanese trading firms, and the largest shareholder in IHH Healthcare Berhad, which is one of the world’s largest private healthcare services networks. The investment by Mitsui fuels Bowtie’s ambition to scale across Asia and co-develop value-based healthcare in the region.

Bowtie plans to use the new funding to scale its operations in Hong Kong and expand its operations in Asia to develop a value-based healthcare model by partnering closely with healthcare providers.

“We are excited to partner with Mitsui to fundamentally redesign how customers navigate both the insurance and healthcare systems, improving the service quality while making it truly affordable,” Michael Chan, co-CEO and co-founder of Bowtie, said.

Since its launch in 2019, Bowtie has provided over $3b of insured value to families, protecting over 40,000 customers.