Singapore-based insurtech firm bolttech has completed Series B investment.
The firm said in a statement that the round was led by Tokio Marine and other shareholders, and now values bolttech at an up-round valuation of approximately $1.5bn.
This comes a year after the firm closed its Series A funding round after raising $247m.
Rob Schimek, group CEO of bolttech, said: “Securing a lead investor of Tokio Marine’s high caliber and esteem is strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term value proposition, and our role in shaping the future of insurance distribution.
“Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”
According to bolttech, the firm now quotes $50bn of annualised premiums through its technology-enabled insurance exchange that works with 800 distribution partners in more than 200 insurance providers. It also offers more than 6,000 product variations.
It also said that Tokio Marine’s partnership as a strategic investor will complement bolttech’s capabilities and reach, enhancing bolttech’s distribution strength, product innovation, and balance-sheet capacity.
The proceeds of the Series B will be used primarily to fuel the business’ continued global growth.
Masashi Namatame, managing executive officer and group chief digital officer of bolttech, said: “Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round, and join bolttech on its incredible growth trajectory as their strategic partner.
“The scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space. We look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer.”
Earlier this month, bolttech said it had completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia.