On Wednesday, Singapore-based insurance tech company Bolttech announced that it had raised $147 million in its Series C funding round. This new investment brings the company’s value to $2.1 billion.
Bolttech said in a statement that it is excited to welcome two new key investors: Sumitomo Corporation, one of the biggest trading companies in Japan, and Iberis Capital, a top investment firm from Portugal.
Besides investing in bolttech, Sumitomo Corporation has also teamed up with the company in a joint venture. Together, they plan to offer built-in insurance solutions and complete support services for business partners across Asia.
Sumitomo Corporation and Iberis Capital have joined other investors like Dragon Fund, Baillie Gifford, and Generali’s Lion River in Bolttech’s Series C funding round.
This investment will help Bolttech improve its technology and grow faster around the world. The goal is to make insurance more personalized, easy to get, affordable, and convenient for customers.
“We are thrilled to join forces with Bolttech – both as a strategic investor and through our joint venture,
“We are confident that this partnership will enable us to work closely with the Bolttech team to drive growth and innovation across the Asia region,” said Shinichi Kato, Group Chief Executive Officer of Media & Digital Group, Sumitomo Corporation.
Luís Quaresma, a partner at Iberis Capital, said that Bolttech has quickly become a top company in embedded insurance, with a strong presence around the world.
“We are impressed by its tech capabilities, strategic vision for the future of insurance and its highly talented management team,
“We look forward to contributing to its next phase of growth, supporting the continued advancement of its unique solution,” he added.
Rob Schimek, CEO of Bolttech, said this investment shows strong support for the company’s unique business model. It also strengthens their commitment to making insurance better and easier for people all over the world.
“We are delighted to welcome our newest strategic investors, Sumitomo Corporation and Iberis Capital, as we successfully close our Series C,
“We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value,” he added.
Sumitomo is a large trading and investment company with a strong global presence. It has 125 offices in 64 countries and regions around the world.
The Sumitomo Corporation Group is made up of around 900 companies combined.
The group runs businesses in nine main areas: steel, cars, transportation and construction, city development, media and digital, lifestyle products, minerals, chemicals, and clean energy.
Iberis Capital started in 2017 and based in Lisbon, is a venture capital company that invests in new and innovative tech startups, mainly in Portugal.
The company manages more than 500 million euros (about $571 million) in investments and has over 1,000 investors.
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