Singapore-based insurance startup bolttech has extended its Series A funding round led by Activant Capital Group to $210m.
New investors joining the Series A extension include Singapore-based global investor EDBI and Spanish investor Mundi Ventures.
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Others who joined earlier include Future Shape principal Tony Fadell, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments.
In July this year, bolttech joined the unicorn club by raising $180m in a Series A funding round.
The firm intends to use the latest infusion to improve its digital and technological capabilities.
This funding will also help the firm fortify its presence in Southeast Asia, Europe, and its other existing markets.
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By GlobalDatabolttech leverages its digital and data-driven capabilities to connect insurers, distributors, and customers.
It works with firms in 26 markets and across three continents to offer insurance products that may not be in insurers’ focus area.
bolttech group CEO Rob Schimek said: “We are thrilled to welcome such high calibre strategic investors. They bring an extensive network and deep expertise in their respective markets which will help propel our growth and support our innovation for our partners and customers around the world.”
EDBI CEO and president Chu Swee Yeok said: “With an extensive technology-enabled insurance exchange and distribution network, bolttech is poised to lead the digital transformation of Southeast Asia’s insurance sector.”
Mundi Ventures CEO and general partner Javier Santiso said: “We value investment partners such as bolttech that are willing to disrupt the insurance industry with new technologies and product innovation, and particularly new, game-changing distribution models.”
In July this year, bolttech bought i-surance, a B2B2C digital insurance platform, to accelerate its expansion in Europe.
i-surance partners with various firms such as telecommunications providers, retailers, and manufacturers to offer protection products.
