The company has closed an oversubscribed $180 million Series A funding round, which values bolttech at more than $1 billion.
The investment round, the largest ever series A for an insurtech, was led by Activant Capital Group and joined by investors including Tony Fadell, Principal at Future Shape; Alpha Leonis Partners; Dowling Capital Partners; B. Riley Venture
Capital; and Tarsadia Investments.
Bolttech operates the world's largest insurance exchange, with $5 billion in premiums on the platform, 7.7 million customers and over 700 distribution partners. The funds will help the platform boost its technology and digital capabilities, and strengthen its presence in its existing markets while continuing to expand internationally, according to an announcement.
Continued Growth
Bolttech is the digital protection and insurance business of Asia-based investment firm Pacific Century Group, which also operates insurer FWD.
The platform launched in Asia in 2020, and the group is present in 11 markets, including Hong Kong, Indonesia, India, Italy, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam and the United States.
According to the company, it has grown its enterprise customers by three-fold and distribution partnerships by nine-fold in the United States over the past year.
