Singapore based Bolttech secures $50M in Series B

Bolttech, a digital insurance exchange brainchild of Hong Kong billionaire Richard Li, recently secured a whopping $50M in Series B funding. This Singapore-based insurtech company now boasts an impressive total fundraising amount of $246M, marking it as one of the wealthiest players in the insurtech sector.

• Investors: The recent funding round was led by LeapFrog Investments, a private equity firm dedicated to making financial services and healthcare affordable. Both Bolttech and LeapFrog are united in their vision of making essential financial solutions accessible to emerging consumers in growth markets.

• The Team: Fernanda Lima, LeapFrog's Asia financial services team leader, will join Bolttech's board as a non-executive director. Richard Li, who also controls life insurance company FWD, serves as Bolttech's chairman.

• Background: Launched in 2020, Bolttech is a digital platform facilitating interactions between businesses, insurers, and distributors. It offers a broad spectrum of insurance coverage options, ranging from health to gadget insurance. Brands like Samsung depend on Bolttech for device protection insurance.

• Portfolio and Expansion: Bolttech's portfolio includes over 6,000 insurance products, 230 insurers, 700 distribution partners, and $55B worth of annualized premiums. With the infusion of new funding, Bolttech plans to expand its reach to Indonesia, the Philippines, and Vietnam.

• Targets: The company focuses on "emerging consumers", defined as individuals with a purchasing power parity (PPP) of less than $11.20 per day.

• Additional Financiers: Participants in this funding round include Pacific Century Group, Singapore's government investment vehicle EDBI, Spanish VC fund Mundi Ventures, and San Francisco-based VC firm Activant Capital.

Despite not revealing profit figures, Bolttech claims to have a strong financial position and a clear pathway towards profitability.