Bowtie raises $22.6 million

Hong Kong-based insurance startup Bowtie Life Insurance Company has raised $22.6 million. The Series B1 round was led by Mitsui & Co, with participation from existing investor Sun Life Hong Kong.

Launched in 2019, Bowtie is Hong Kong’s first virtual insurer. The startup offers a variety of medical insurance products as well as term life insurance. Since launching, it has covered more than 40,000 customers.

“We are excited to partner with Mitsui to fundamentally redesign how customers navigate both the insurance and healthcare systems, improving the service quality while making it truly affordable.” – Michael Chan, co-founder and co-CEO of Bowtie.

“This is our first investment in a health insurance company, which has long been the missing puzzle in our value-based healthcare ecosystem. We selected Bowtie for our shared vision of both making healthcare more accessible and affordable.” – Koichiro Sato, CEO of MBK Healthcare Management (Hong Kong Branch), a subsidiary of Mitsui.