Bolttech to secure $2.1bn valuation after $100mn+ Dragon Fund-led Series C

Audio By Carbonatix

Fast-growing insurtech Bolttech is expected to raise more than $100mn through a Series C fundraise led by Dragon Fund, by Liquidity and MUFG, alongside investors Baillie Gifford and Generali, through its private equity arm Lion River.

After Bolttech’s record-breaking Series A and B rounds, the Series C up-round values the Singapore-based company at $2.1bn, with the investment set to support its global growth strategy.

In a statement confirming the latest fundraise, Bolttech said the strategic support of lead investor Dragon Fund, alongside the follow-on investors, will enable the insurtech to further enhance its platform capabilities, expand its market presence globally and accelerate its goal to make insurance “more tailored, accessible, affordable and convenient for customers”.

Dragon Fund CIO Ridhi Chaudhary said: “We are excited to lead Bolttech’s Series C round. In a short time, Bolttech has become a leading, embedded insurtech player with global presence and scale. We are impressed by its tech capabilities and execution. I look forward to joining the board of directors and supporting its next phase of growth.”

His colleague Aakash Tulsani, managing director at Dragon Fund, highlighted Bolttech’s differentiated technology and program management solution that integrates insurance into customer purchase journeys, in turn providing access to affordable, customised products.

“As a technology-first provider, Bolttech is well positioned to shape the future of embedded insurance, a $70bn+ addressable market globally.”

Baillie Gifford investment manager Hendrik Borginon described Bolttech as a pioneering force in the embedded insurance space.

“By enabling seamless integration of insurance products into their distribution partners, Bolttech is transforming how insurance is bought and sold globally. With a highly experienced team at the helm, we are optimistic about their potential to drive significant growth and profitability in the coming years,” he said.

Bolttech group CEO Rob Schimek suggested the latest round of funding is an endorsement of the firm’s value proposition, marking another “significant milestone” for the firm.

“The funding also demonstrates our relentless pursuit of innovation and excellence as we enable the insurance industry. With this investment from Dragon Fund and our Series C investors, we will continue to revolutionise the future of insurance through our leading technology-enabled ecosystem,” he continued.

In an interview with The Insurer TV in June this year, Schimek highlighted that Bolttech was the leading industry player in the embedded insurance space – which he said has a total addressable market in the trillions of dollars.

“While we’re a private company [and] we don’t disclose the details of our revenue, let’s say I’m highly confident that the revenue of our company is well ahead of the revenue of anyone who is in our peer group,” he explained.

“In those ways, we’re a leader, but the truth is, we do learn from the others [pursuing embedded strategies], and we hope that they will continue to follow our lead and all of us together,” he said, describing the embedded market as “a huge pie”.

“We don’t need to be trying to focus on stealing one another’s business. Let’s focus on how we actually enable this entire business to succeed. That’s our dream,” he said.

At the time, he said the next phase in Bolttech’s growth story will likely involve accretive M&A opportunities.

“We’re not interested in buying just anyone for any reason: we have a very specific set of criteria,” he said, adding that Bolttech is looking for “tough-to-find” deals that will be profitable and not burn cash.