International insurtech bolttech has welcomed LeapFrog Investments as a new strategic investor in an extension of its Series B round, which now totals $246 million, “the largest ever Series B round for an insurtech.”
bolttech suggested that it will use the proceeds from LeapFrog’s $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.
“Through the investment, bolttech and LeapFrog will work together to promote financial inclusion by improving access to essential and affordable insurance,” bolttech said.
The firm continued, “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.
Lima commented, “bolttech has established a strong position within the insurance space with its powerful technology platform and extensive distribution network. 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.”
Rob Schimek, Group Chief Executive Officer, bolttech, said, “We are thrilled to welcome LeapFrog as our new strategic investor amidst a challenging economic backdrop for insurtechs and fintechs globally.
“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 welcome Fernanda, who will bring an invaluable depth and breadth of diverse experience to our Board. We look forward to working with her as we achieve our vision of connecting people around the world with more ways to protect the things they value.”
