Bolttech closes Series C at $147M with a $2.1B valuation to bolster its embedded insurance offerings

Bolttech, a Singapore-based insurtech company, has successfully raised $147 million in its Series C funding round, bringing its valuation to an impressive $2.1 billion. This significant investment highlights the growing demand for integrated insurance solutions as more consumers shop online. The company connects insurers with distribution partners, optimizing the timing and presentation of insurance offerings during the purchasing process. The latest funding round follows an initial close of around $100 million earlier this year, led by Dragon Fund with significant contributions from Baillie Gifford, Generali, and others. Notable investors in this latest tranche include Japan's Sumitomo Corporation and Portugal's Iberis Capital. Founded in 2020 by insurance experts Eric Gewirtzman and Rob Schimek, Bolttech is rapidly scaling its B2B2C model, now linking around 700 distribution partners with over 230 insurers across the globe, offering a wide array of more than 6,500 products. As part of its growth strategy, Bolttech is forming a joint venture with Sumitomo to enhance its embedded insurance offerings in Asia. The funds will also bolster its research and development efforts, particularly in data analytics and artificial intelligence, while facilitating further expansion into North America and Africa. While the number of partners has not significantly increased since its last funding round, Bolttech reports a rise in total annualized premiums, reaching approximately $60 billion as of April 2023, up from $55 billion in May 2023. The landscape is becoming competitive as embedded insurance startups like Qover and Neat emerge, alongside traditional insurers adapting to the digital shift in consumer behavior. Schimek emphasized the concept of 'coopetition', where collaboration among industry players can help bridge the protection gap and enhance insurance accessibility for a broader audience. Bolttech’s investors include prominent insurers such as Tokio Marine and MetLife, and the company has established partnerships with industry giants like Allianz, Apple, AXA, and Samsung.