bolttech raised $147 million in a Series C round, bringing its total funding to over $690 million and boosting its valuation to $2.1 billion.
Sumitomo joined as a strategic investor and partner, forming a joint venture with bolttech to expand embedded insurance across Asia.
bolttech’s platform powers embedded insurance for industries like telecom, e-commerce, and banking, making insurance a seamless part of the digital buying experience.
Singapore-based insurtech company bolttech announced this week that it has closed its Series C round after raising $147 million.
Closing out today’s round were Sumitomo Corporation and Iberis Capital as strategic investors. The funds bring bolttech’s total funding to somewhere north of $690 million and boost the company’s valuation to $2.1 billion. Previous investors to the Series C round are Dragon Fund, Baillie Gifford, Generali’s Lion River, and others.
For its part, Sumitomo Corporation has not just become a strategic investor, but it has also entered a joint venture with bolttech to deliver embedded insurance programs for its Asia-based partners. This signals not only a financial endorsement but also a strategic distribution partnership in Asia, which is generally a region ripe for fintech growth.
“We are thrilled to join forces with bolttech—both as a strategic investor and through our joint venture,” said Sumitomo Group CEO of Media & Digital Group Shinichi Kato. “We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region.”
Founded in 2020, bolttech operates an embedded insurance platform. The company allows clients in telecom, banking, e-commerce, and retail to embed insurance offerings within their existing customer journeys. For example, a customer purchasing a mobile phone online might be offered device protection at checkout, powered by bolttech’s infrastructure. bolttech supports this with a modular tech stack that includes product recommendation engines, policy administration, claims management, and partner onboarding. The company works with hundreds of insurers and partners across industries, serving millions of customers in 37 markets across four continents.
bolttech anticipates that the Series C round will enable it to enhance the platform’s capabilities and accelerate its global growth strategy, making insurance more personalized, accessible, affordable, and convenient for customers.
“We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C,” said bolttech Group CEO Rob Schimek. “This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide. We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.”
The funding shows increased interest in embedded insurance, which is rising to become one of the fastest-growing sectors within insurtech. As embedded finance matures, bolttech’s ability to plug insurance directly into partner platforms helps make insurance an invisible part of the digital customer experience.
Photo by Vlad Deep on Unsplash
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