Singapore’s bolttech, valued at $2.1 billion, increases over $100 million

By Yantoultra Ngui

SINGAPORE (Reuters) – Singapore-headquartered insurance policy innovation company bolttech has actually increased greater than $100 million in its newest financing round, led by Dragon Fund of Mitsubishi UFJ Financial Team and fintech straight lending institution Liquidity Team, it stated on Friday.

The Collection C financing round valued the business at $2.1 billion and the financial investment will certainly be utilized for additional worldwide development method, bolttech stated in the declaration.

That is 31.3% greater than the $1.6 billion divulged in its previous Collection B financing round in Might 2023.

Established In 2020, bolttech runs an electronic system where insurance providers, representatives and clients deal insurance policy and defense items in greater than 35 markets throughout The United States and Canada, Asia, Europe and Africa, according to its site.

Various other capitalists in the current financing round consist of UK financial investment monitoring company Baillie Gifford and insurance firm Generali’s exclusive equity arm Lion River, the declaration stated.

Worldwide insurtech financial investment struck $1.38 billion in the 3rd quarter of this year, the greatest because the very first quarter of 2023, based upon a record by UK reinsurance broker Gallagher Re in November, sustained by the boom in expert system.

Last month, bolttech shut a $50 million endeavor financial debt center with HSBC.

In September 2023, it safeguarded $50 million from effect investment company Jump, expanding its Collection B financing round to increase an overall $246 million.

( Coverage by Yantoultra Ngui; modifying by Barbara Lewis)