Global insurtech bolttech announces Series C funding led by Dragon Fund to drive continued expansion
SINGAPORE, Dec. 20, 2024 /PRNewswire/ -- bolttech, the fast-growing global insurtech, today announced Dragon Fund, by Liquidity and MUFG, is leading bolttech's Series C funding round alongside investors Baillie Gifford, Generali – through Lion River, the Group's company dedicated to Private Equity, and others, which is expected to total more than US$100 million. Following bolttech's record-breaking Series A and B rounds, the Series C up-round values bolttech at US$2.1 billion and the investment will further enhance its global growth strategy.
The strategic support of lead investor Dragon Fund alongside the follow-on investors and the Series C funding will enable bolttech to continue to enhance its platform's capabilities, expand its market presence globally, and accelerate its goal to make insurance more tailored, accessible, affordable and convenient for customers. This investment follows bolttech's previous successful funding rounds, further establishing its role as a leader in the insurtech space.
Ridhi Chaudhary, CIO of Dragon Fund, said, "We are excited to lead bolttech's Series C round. In a short time, bolttech has become a leading, embedded insurtech player with global presence and scale. We are impressed by its tech capabilities and execution. I look forward to joining the Board of Directors and supporting its next phase of growth."
Aakash Tulsani, Managing Director at Dragon Fund, added, "bolttech's differentiated technology and program management solution integrates insurance into customer purchase journeys, enhancing access to affordable, customized products. As a technology-first provider, bolttech is well positioned to shape the future of embedded insurance a $70B+ addressable market globally."
Hendrik Borginon, Investment Manager, Baillie Gifford, said, "bolttech is a pioneering force in the embedded insurance space. By enabling seamless integration of insurance products into their distribution partners, bolttech is transforming how insurance is bought and sold globally. With a highly experienced team at the helm, we are optimistic about their potential to drive significant growth and profitability in the coming years."
Rob Schimek, Group Chief Executive Officer, bolttech, said, "This latest round of funding is an endorsement of our value proposition and marks another significant milestone for bolttech. The funding also demonstrates our relentless pursuit of innovation and excellence as we enable the insurance industry. With this investment from Dragon Fund and our Series C investors, we will continue to revolutionise the future of insurance through our leading technology-enabled ecosystem."
About bolttech
bolttech is a global insurtech with a mission to build the world's leading, technology-enabled ecosystem for protection and insurance. bolttech serves customers in more than 35 markets across Asia, Europe, North America, and Africa.
With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.
For more information, please visit: www.bolttech.io
About Dragon Fund
Launched in 2023, Dragon Fund, by Liquidity and MUFG, is an equity investment platform that invests globally in growth-stage technology and technology enabled companies. The platform leverages Liquidity's proprietary technology in its investment process and MUFG's extensive global network.
For more information, please visit: www.dragonfunds.com
About Baillie Gifford
Baillie Gifford is an independent investment partnership founded over a century ago in Edinburgh, owned and run by 58 partners who all work at the firm. The firm's mission is to find game-changing companies (both public and private) that can sustain growth and provide returns for clients over five to ten years and longer. With 1,708 staff and assets under management of £218bn, it has offices in Edinburgh, Amsterdam, Dublin, Frankfurt, Hong Kong, London, New York, Shanghai, Toronto, and Zurich (at 30 September 2024).
About The Generali Group
Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 82.5 billion in 2023. With around 82,000 employees serving 70 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali's strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.
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