bolttech achieves unicorn status following $180 million series A
Digital insurer bolttech has raised $180 million in series A funding round led by Activant Capital , and joined by investors including Tony Fadell – Principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments.
Launched in 2020, bolttech (a team of ~1400) powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products. The company’s insurance exchange is the largest in the world transacting $5 billion in premiums on the platform, providing a gateway to more than 5,000 products and 150 insurance providers.
The company works with partners such as insurers, telcos, retailers, banks, e-commerce and digital destinations, to ‘seamlessly’ embed insurance into their customer journeys at the point of need. To date, bolttech has built a global footprint that serves more than 7.7 million customers in 14 markets across 3 continents – North America, Asia, and Europe, with licenses in 50 states in the US and several key markets in Asia and Europe-wide.
“We are delighted to welcome our new investors, and together with their support and partnership, we look forward to continuing on our mission to become the world’s leading technology-enabled ecosystem for protection and insurance. This investment will help us connect even more insurers, distributors, and customers on our platform, shaping the future of insurance distribution.” – Rob Schimek, bolttech’s Group CEO.
As part of the investment, Richard Benson-Armer, Partner at Activant, will join bolttech’s board of directors which already includes Peter Hancock, Robert Kyncl, and Malcolm Turnbull, amongst others.
“As avid investors in commerce infrastructure and insurtech, we understand the skill that’s needed to connect this highly fragmented industry while also eliminating unnecessary friction and unlocking the purchase experience that consumers want. The scale and breadth of bolttech’s platform makes them a clear leader in insurtech and an enabler for the industry at large, and we’re incredibly excited to partner with Rob and the global team as they redefine what’s possible in insurance.” – Steve Sarracino, Founder and Partner at Activant.