Singapore-based insurtech firm bolttech has announced raising $50 million in its Series B funding round anchored by impact investment firm LeapFrog Investments.
The latest funding round brings bolttech’s Series B round to $246 million, marking the most substantial Series B round for any insurtech company to date.
Bolttech has earmarked the funds to advance its global expansion strategy, with particular emphasis on burgeoning markets. Furthermore, this capital will enhance its tech-driven ecosystem designed to provide insurance and protection to consumers from these emerging markets.
This strategic move by bolttech aims to address the colossal $1.8 trillion global protection deficit. Collaborating with LeapFrog, the two entities aspire to foster financial inclusivity by augmenting access to crucial and affordable insurance options.
LeapFrog’s experience with tech-imbued insurance ventures in the African and Asian regions aligns perfectly with bolttech’s mission, helping to shield individuals from unforeseen financial setbacks, according to the announcement.
In light of this collaboration, bolttech will induct Fernanda Lima, a key figure from LeapFrog’s Asia Financial Services division, into its Board as a Non-Executive Director.
Lima’s expertise will bolster bolttech’s emerging market strategy, growth trajectory, and its commitment to a sustainable environmental, social, and corporate governance (ESG) blueprint.
Rob Schimek, bolttech’s Group CEO, conveyed his optimism about the partnership, noting LeapFrog’s backing as an affirmation of bolttech’s distinct market proposition. He said:
Our objective remains to enhance the insurance experience, especially for those in emerging territories.
Lima also expressed her enthusiasm, praising bolttech for its influential stance in the insurance domain, underpinned by its potent tech framework and expansive outreach network. She emphasized the shared vision of the two entities: to democratize essential financial tools, especially for the burgeoning consumer base in growth-intensive regions.
Highlighting the magnitude of the global protection void, Lima said:
The challenges, particularly in regions like Asia, Latin America, and Africa, are manifold. I’m eager to leverage my expertise and collaborate with the Board to guide bolttech in achieving its mission.
With its dominant ecosystem, bolttech connects consumers across 30 markets to tailored, cost-effective insurance solutions through partner interfaces. The firm significantly impacts the emerging consumer demographic, offering pivotal device protection services.
For markets like the Philippines, Vietnam, and Indonesia, bolttech stresses the significance of insuring devices. These insured devices can bridge the gap for underbanked populations, facilitating cost-effective access to financial amenities, telemedicine, and job opportunities.
LeapFrog, with its strategic focus on healthcare, financial solutions, and climate-responsive ventures, witnesses an average annual growth of 24%. With a vast consumer reach spanning 30 countries and hundreds of millions, the firm recently secured a whopping $500 million commitment from Temasek.