bolttech raises $50 million

Singaporean insurtech firm bolttech closed a $50 million funding round from LeapFrog Investments, making its total Series B fundraising $246 million.

LeapFrog, with its experience in tech-integrated insurance operations in Africa and Asia, will aid bolttech in refining its offerings for these burgeoning markets.

Earlier in May, bolttech finalized its Series B funding round with US$196 million, which saw participation from Japan’s Tokio Marine.

Launched in 2020, bolttech works with insurers, telecom companies, banks, retailers, e-commerce platforms, and other digital avenues, to offer insurance at crucial customer touchpoints.

Currently, bolttech serves over two million emerging consumers, predominantly through its device insurance services. On a global scale, their platform links 700 distribution partners with over 230 insurance providers, according to e27, showcasing a range of more than 6,000 product options.

Last October, bolttech publicized its successful acquisition of a majority stake in Indonesian insurance brokerage, Axle Asia, which was closely followed by its strategic investment in the UK’s digital insurance consultancy, Sherpa.

In 2021, the firm amassed US$247 million in its Series A fundraising through various phases.