Singapore-based insurtech platform bolttech is planning to raise fresh investment between $200m and $300m this year, Bloomberg reported citing sources.
bolttech is working with financial advisors for the funding round, which may be launched later this year, the sources said adding that the proceeds will be used for expansion.
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By GlobalDataDeliberations are at an initial stage and the details of the round such as the size of the investment could change, the sources added.
The insurtech could also launch an initial public offering in the US or Asia in the future.
Backed by the likes of Hong Kong billionaire Richard Li, bolttech leverages technology to connect insurers, distributors, and customers.
Last month, bolttech secured additional investment from Asia-based BRV Capital Management (BRV) as part of its extended Series A funding round.
As per media reports, the insurtech has raised $247m in Series A round last year.
Its other backers include Activant Capital, Future Shape principal Tony Fadell, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, Tarsadia Investments, EDBI Singapore and Mundi Ventures.
According to bolttech’s website, the firm operates in 30 markets across North America, Asia, and Europe in partnership with 150 insurers and over 700 distribution partners.
Founded in 2020, the insurtech achieved unicorn status in mid-2021 after raising $180m in funding.
In July 2021, bolttech acquired B2B2C digital insurance platform i-surance to accelerate its European expansion.
