Bolttech is an international insure tech, founded in 2020 as a digital native and created with multi-national reach.
Richard Li established this company with the mission to construct the leading technology-enabled ecosystem of the world, for insurance and protection.
The company works to transform the method of how insurance is sold and bought by connecting customers, distribution partners, and insurers and also runs as an insurance exchange platform.
The Singapore headquartered company serves millions of partners and customers across 30 markets of the world, with three technology hubs and four regional offices with almost 1,500 employees.
The insurance company has announced that it has raised Series A of $180 million which has hiked the company’s valuation to more than $1 billion.
This funding round comes just after few months after the insurtech’s launch and has made the company the 1st insure tech to raise the largest series A ever in history.
The round was led by the global investment firm, Activant Capital Group.
The CEO of Bolttech, Rob Schemik pointed out that billions of dollars were spent by the insurance providers on advertising to bring in clients and customers, some of whom may want economic products, not in the portfolio of providers.
He also said that the insurance providers don’t want to say no to these customers for which they deploy Bolttech’s additional products.
Schemik said that they are highly delighted to welcome their new investors. With the united support and partnership, they are looking forward to continuing their mission to become the leading tech-enabled ecosystem of the globe, for protection and insurance.
The CEO of Bolttech groups, Rob Schimek said that the raw capital will be used in accelerating their plan to concentrate the leading position of the company in the United States.
He also added that some capital will also be deployed for the improvement and innovation of their technology and capabilities of the platform.
The lead investor, Activant Capital Group is a global investment firm founded in 2015 by Steve Sarracino. The firm partners with high-growing organizations that are working to transform commerce. The firm was headquartered in Greenwich, Connecticut, US.
Steve Sarracino explains the reason behind investing in such a big funding round by saying that the excellence is that the insurance exchange has never been done properly in real life and everyone held on so firmly to the customers and wouldn’t sell the insurance of other people and that is starting to change now.
So, Activant Capital Group invested $180 million capital in Bolttech insurance which leads the valuation of the insurance company to more than $1 billion in just a year of its initiation.
Conclusion
Singapore’s insurance and protection leader, Bolttech raised $180 million Series A, which is the greatest Series A raised ever by any insurtech firm. This uplifts the company’s valuation to beyond $1 billion and the company said that the fresh fund will be deployed in the completion of the company’s goal to expand in the entire US. An active capital group led the round.
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FAQs:
Ans. Bolttech raises Series A
Ans. $180 million has been raised by Bolttech in series A.
Ans. Activant Capital Group.
Ans. to escalate their plan of concentrating the leading position of the company in the United States and for the improvement of their technology and capabilities of the platform.
Ans. Richard Li is the founder.
