Singapore-based bolttech has raised $50 million in funding from investment firm LeapFrog, taking the insurtech unicorn’s total Series B round to $246 million, according to an announcement on Thursday.
The latest funding round, which comes two years after the startup closed its $247-million Series A, was also backed by new and existing investors, including MetLife Next Gen Ventures, a subsidiary of global life insurance giant MetLife; and Malaysia’s sovereign wealth fund Khazanah Nasional.
The company turned into a unicorn after the Series A round in 2021.
It plans to use the latest funding to support its global growth strategy, with a focus on emerging markets, as well as expanding its technology-enabled ecosystem for protection and insurance for emerging consumers.
Through the investment, bolttech and LeapFrog will work together to promote financial inclusion by improving access to essential and affordable insurance. Moreover, LeapFrog’s track record with tech-enabled insurance businesses in Africa and Asia will help bolttech expand its reach in these growing markets.
As part of the investment, bolttech will appoint Fernanda Lima, partner and co-head of LeapFrog’s Asia Financial Services team, to its board as a non-executive director. Fernanda’s experience in adding value across LeapFrog’s portfolio of inclusive financial institutions around the world will support bolttech’s emerging market presence and business growth as well as guide the company’s efforts in developing a robust, long-term ESG strategy, the release said.
“We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need,” said Rob Schimek, bolttech’s Group Chief Executive Officer, in a statement.
Founded in 2020, bolttech operates an exchange that connects over 700 distribution partners with more than 230 insurance providers offering over 6,000 insurance products. The company has licences to operate throughout Asia, Europe, and 50 US states.
A number of insurtech startups across the region have raised funds this year, including PasarPolis, Grab, Coverfox, and others, to compete in a crowded market.
Indonesian insurtech firm Qoala completed its Series B+ funding round in March, raising $7.6 million led by European investment firm responsibility.