SINGAPORE (Reuters) – Singapore-headquartered insurance technology firm bolttech has raised more than $100 million in its latest funding round, led by Dragon Fund of Mitsubishi UFJ Financial Group and fintech direct lender Liquidity Group, it said on Friday.
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The Series C funding round valued the company at $2.1 billion and the investment will be used for further global growth strategy, bolttech said in the statement.
That is 31.3% higher than the $1.6 billion disclosed in its previous Series B funding round in May 2023.
Founded in 2020, bolttech operates a digital platform where insurers, distributors and customers buy and sell insurance and protection products in more than 35 markets across North America, Asia, Europe and Africa, according to its website.
Other investors in the latest funding round include UK investment management firm Baillie Gifford and insurer Generali’s private equity arm Lion River, the statement said.
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Global insurtech investment hit $1.38 billion in the third quarter of this year, the highest since the first quarter of 2023, based on a report by UK reinsurance broker Gallagher Re in November, supported by the boom in artificial intelligence.
Last month, bolttech closed a $50 million venture debt facility with HSBC.
In September 2023, it secured $50 million from impact investment firm LeapFrog, extending its Series B funding round to raise a total $246 million.
(Reporting by Yantoultra Ngui; editing by Barbara Lewis)
-TheStar