bolttech extends Series A funding round to US$210 million

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21 Sep, 2021, 06:30 GMT

The company welcomes two new strategic investors to its series A to accelerate international expansion:

Singapore-based global investor, EDBI
Alma Mundi Insurtech Fund, Spain

SINGAPORE, Sept. 21, 2021 /PRNewswire/ -- bolttech, one of the fastest growing international insurtech unicorns, today announced the extension of its recently-announced US$180 million series A funding round led by Activant Capital Group, bringing the series total to US$210 million. The largest ever Series A round for an insurtech now adds two new strategic investors in bolttech, Singapore-based global investor EDBI ("EDBI") and Alma Mundi Insurtech Fund, Spain ("Mundi Ventures").

With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products. bolttech has built a global footprint that serves more than 7.7 million customers in 26 markets across 3 continents – North America, Asia, and Europe.

The additional capital will help bolttech further enable its partners and customers with enhanced technology and digital capabilities. Bringing on these new strategic investors will also help strengthen its presence in Southeast Asia, Europe, and its other existing markets, as the business accelerates its international growth strategy.

Rob Schimek, bolttech's Group Chief Executive Officer, said, "We are thrilled to welcome such high calibre strategic investors. They bring an extensive network and deep expertise in their respective markets which will help propel our growth and support our innovation for our partners and customers around the world. Together with their partnership, we look forward to accelerating our international growth and realising our vision to connect more people around the world with ways to protect the things they value."

Ms. Chu Swee Yeok, CEO and President of EDBI, said "With an extensive technology-enabled insurance exchange and distribution network, bolttech is poised to lead the digital transformation of Southeast Asia's insurance sector. EDBI looks forward to partnering Rob and his team to strengthen their innovation hub in Singapore and support the growth of their businesses in the region."

Javier Santiso, Mundi Ventures' CEO and General Partner, said, "We value investment partners such as bolttech that are willing to disrupt the insurance industry with new technologies and product innovation, and particularly new, game-changing distribution models. We look forward to working with Rob and his world-class team as they build-out their presence and partnerships here in Europe."

About bolttech

bolttech is an international insurtech with a mission to build the world's leading, technology-enabled ecosystem for protection and insurance. bolttech serves customers in 26 markets across North America, Asia and Europe.

For more information, please visit www.bolttech.io.

About EDBI

Investing since 1991, EDBI is a Singapore-based global investor in select high growth technology sectors ranging from Information & Communication Technology (ICT), Emerging Technology (ET), Healthcare (HC) and promising Singapore SMEs in strategic industries. As a value-creating investor, EDBI assists companies achieve their ambitious goals by leveraging our broad network, resources and expertise. With our growth capital, EDBI supports companies seeking to grow in Asia and globally through Singapore.

For more information, visit https://www.edbi.com

About Mundi Ventures

Mundi Ventures is a €200 million Venture Capital firm focused in Insurtech and technological companies. The fund is headquartered in Madrid and has operational presence in Barcelona, London and Tel Aviv. Preeminently an insurtech investor in Europe, backed by leading insurers and by a proven and experienced investment team that invested previously in European unicorns such as Farfetch, Auto1, Skyscanner, among others. The portfolio is currently invested in Wefox, the largest insurtech in Europe, and includes investments in Paris, London, Berlin, Stockholm, Amsterdam, Tel Aviv, Madrid, Barcelona, Palo Alto and New York.