Tokio Marine to lead bolttech’s Series B funding round

The investment will raise the insurtech firm's value to $1.5b.

bolttech has announced that Tokio Marine, alongside other shareholders, will lead bolttech’s Series B funding round that will raise the insurtech’s valuation at $1.5b, a year after the firm’s last funding round.

The Singapore-based insurtech said the funds raised at the funding round will be used to boost the business's global growth.

ALSO READ: Singapore’s retirement income system is the best in Asia: report

Since its inception in 2020, bolttech is now operating in 30 markets in Asia and Europe. The platform provides businesses inside and outside the insurance industry with everything they need to offer insurance products to meet their customers’ evolving insurance and protection needs in the digital age. 

The company now quotes approximately $50b worth of annualized premiums through its technology-enabled insurance exchange. Globally, bolttech’s insurance exchange connects over 800 distribution partners with more than 200 insurance providers and offers in excess of 6,000 product variations.