Bolttech Raises $147M Series C, Reaching $2.1B Valuation

Bolttech Secures $147M in Series C, Reaches $2.1B Valuation

Bolttech, a Singapore-based embedded insurance provider, has closed a $147 million Series C funding round, raising its valuation to $2.1 billion. This follows a previous $100 million tranche announced six months ago, led by Dragon Fund. New investors in this round include Sumitomo Corporation and Iberis Capital.

Embedded Insurance Solutions Driving Growth

Founded in 2020, Bolttech connects insurers with distributors and customers, facilitating the seamless integration of insurance products into online purchases. This B2B2C model has fueled rapid growth, with the company now linking nearly 700 distribution partners with over 230 insurers, offering more than 6,500 products globally.

Strategic Partnership with Sumitomo

As part of the Series C, Bolttech is forming a joint venture with Sumitomo Corporation. This partnership will focus on delivering embedded insurance products and comprehensive services to partners across Asia.

Funding to Fuel Expansion and Innovation

Bolttech plans to use the new funding to enhance its research and development, particularly in data analytics and AI. The investment will also support expansion into Africa and North America.

While the number of partners remains relatively stable, Bolttech's total annualized premiums have grown to approximately $60 billion as of April 2025, up from $55 billion in May 2023.

Competition and Collaboration in the Insurtech Space

The rise of online shopping has spurred the growth of embedded insurtech startups. Bolttech faces competition from both traditional insurers and newer tech-focused players. Some companies choose to build in-house solutions. However, Bolttech emphasizes the potential for collaboration.

“In a world with a growing protection gap, the opportunity is vast, and we believe the industry can achieve more by working together to expand access to insurance for customers everywhere,” said Rob Schimek, Bolttech co-founder.

Bolttech's investor base includes prominent insurers like Tokio Marine and MetLife. The company also boasts partnerships with major brands such as Allianz, Apple, AXA, Liberty Mutual, Orange, Progressive, Lazada, Samsung, and Home Credit.