Insurance technology company bolttech, based in Singapore, has successfully secured over $100 million in its most recent funding round, which was led by Dragon Fund from Mitsubishi UFJ Financial Group and fintech lender Liquidity Group, as announced on Friday.
The Series C funding round has valued bolttech at $2.1 billion, with the capital aimed at advancing its global growth strategy, according to the company's statement.
This valuation represents a 31.3% increase from the $1.6 billion reported during its previous Series B funding round in May 2023.
Established in 2020, bolttech provides a digital platform that facilitates the buying and selling of insurance and protection products among insurers, distributors, and customers across more than 35 markets in North America, Asia, Europe, and Africa, as detailed on its website.
Additional participants in this funding round include UK investment management firm Baillie Gifford and the private equity arm of insurer Generali, Lion River, as stated in the announcement.
According to a report by UK reinsurance broker Gallagher Re published in November, global insurtech investment reached $1.38 billion in the third quarter of this year, marking the highest level since the first quarter of 2023, driven by advancements in artificial intelligence.
Last month, bolttech also finalized a $50 million venture debt facility with HSBC.
In September 2023, the company raised an additional $50 million from impact investment firm LeapFrog, bringing its total Series B funding to $246 million.