International insurtech bolttech is now valued at $1.6 billion after raising $196 million in its Series B round, led by Japanese insurer Tokio Marine.
Other key investors included MetLife Next Gen Ventures, a MetLife subsidiary, and Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.
The proceeds of the Series B to further fuel growth, including investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across bolttech’s 30+ markets, the insurtech stated.
Additionally, the funds will be used to explore inorganic opportunities to accelerate international growth.
Rob Schimek, bolttech’s Group Chief Executive Officer, commented: “Having just celebrated our third anniversary since our launch in 2020, we are incredibly proud of what we have achieved so far on our mission to build the world’s leading, technology-enabled insurance ecosystem.
“We are now one of the fastest growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.
“We thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024.”