New investors pump funding into insurtech unicorn with ‘largest ever Series A round’

An international insurtech start-up that recently achieved the unicorn status has extended its series A funding round to $210 million with the addition of two new backers.

bolttech achieved the unicorn status following the completion of its "oversubscribed" $180 million series A funding round led by Activant Capital Group. The investment round was said to be the largest series A round for an insurtech, valuing bolttech at more than $1 billion only a year after its 2020 launch.

The start-up's new strategic investors are Singapore-based global investor EDBI and Alma Mundi Insurtech Fund, Spain (Mundi Ventures).

bolttech said the additional capital will help strengthen its presence in Southeast Asia, Europe, and its other existing markets, as the business accelerates its international growth strategy.

bolttech is currently active in 26 markets across North America, Asia and Europe, following the acquisition of i-surance, a B2B2C digital insurance platform based in Europe.

Rob Schimek (pictured), 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."

Chu Swee Yeok, CEO and president of EDBI, commented: "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, CEO and general partner of Mundi Ventures, added: "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."

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