Insurance technology firm bolttech has secured $180 million in an oversubscribed series A funding round, led by Activant Capital Group.
Also participating in the insurtech’s first funding round were Tony Fadell – Principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments
Bolttech claims the investment round is the largest series A round for an insurtech and says it is now valued at more than $1 billion.
The company’s insurance exchange currently transacts $5 billion in premiums on the platform, providing access to more than 5,000 products and 150 insurance providers for roughly 7.7 million customers.
“We are delighted to welcome our new investors, and together with their support and partnership, we look forward to continuing on our mission to become the world’s leading technology-enabled ecosystem for protection and insurance,” said Rob Schimek, bolttech’s Group Chief Executive Officer.
“This investment will help us connect even more insurers, distributors, and customers on our platform, shaping the future of insurance distribution.”
As part of the investment, Richard Benson-Armer, Partner at Activant, will become a member of bolttech’s board of directors, joining Peter Hancock, Robert Kyncl, and Malcolm Turnbull, amongst others.
Steve Sarracino, Founder and Partner at Activant, commented: “As avid investors in commerce infrastructure and insurtech, we understand the skill that’s needed to connect this highly fragmented industry while also eliminating unnecessary friction and unlocking the purchase experience that consumers want.”
“The scale and breadth of bolttech’s platform makes them a clear leader in insurtech and an enabler for the industry at large, and we’re incredibly excited to partner with Rob and the global team as they redefine what’s possible in insurance.”