Singapore-based insurtech bolttech has raised $50 million in Series B round led by impact investment firm LeapFrog Investments.
Bolttech said in a statement on Thursday that the investment adds to bolttech’s recent Series B funding round, now totalling $246 million, the largest ever Series B round for an insurtech.
According to the statement, bolttech will use the proceeds from the $50 million commitment to support its global growth strategy, with a focus on emerging markets, as well as expanding its technology-enabled ecosystem for protection and insurance for emerging consumers.
The proceeds will accelerate the company’s goal of enabling the insurance industry to close the US$1.8 trillion global protection gap.
Through the investment, bolttech and LeapFrog will work together to promote financial inclusion by improving access to essential and affordable insurance.
LeapFrog’s extensive track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to this growing market, helping to build social and economic resilience by mitigating everyday financial shocks.
As part of the investment, bolttech will appoint Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team to its Board as a Non-Executive Director.
Fernanda’s experience in adding value across LeapFrog’s portfolio of inclusive financial institutions around the world will support bolttech’s emerging market presence and business growth as well as guide the company’s efforts in developing a robust, long-term environmental, social, and corporate governance (ESG) strategy.
“We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need,
“We also look forward to working with Fernanda as we achieve our vision of connecting people around the world with more ways to protect the things they value,” said Rob Schimek, Group Chief Executive Officer of bolttech.
Meanwhile, Fernanda said that bolttech has established a strong position within the insurance space with its powerful technology platform and extensive distribution network.
She said that bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets.
“There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa,
“It is my privilege to take on this role and I am excited to draw upon my experience and work with the other members of the Board to steer bolttech towards its goals,” she added.
Bolttech’s leading ecosystem connects tailored and affordable insurance products to consumers via partner platforms in more than 30 markets across three continents.
The firm serves a wide range of customers, including more than two million emerging consumers, especially with its device protection offerings.
Bolttech opined that in markets such as the Philippines, Vietnam and Indonesia, devices are an important insurable asset that can help unbanked and underbanked consumers to access financial services at a lower cost, enable telemedicine services and increase employment opportunities.
Similarly, it said many other devices, and even climate solutions such as solar panels require insurance and financing to be accessible.
LeapFrog invests in healthcare, financial services and climate solutions businesses in high-growth global markets.
Its companies deliver distinctive impact and robust returns, growing on average 24 per cent a year. LeapFrog companies now reach 492 million people in 30 countries.
The firm has raised billions of dollars from global institutional investors, including a recent $500 million commitment by Temasek to LeapFrog and its growth equity funds.
Singapore’s bolttech raises $196M Series B funding with an up-round valuation of $1.6B