Bolttech raises $147 million after closing Series C

By Chris Munro

June 4 - (The Insurer) - Bolttech has closed its previously announced Series C funding round and raised $147 million from a panel of investors that includes new backers Sumitomo Corporation and Iberis Capital.

The Singapore-headquartered insurtech announced in December that it expected to raise over $100 million through the Series C, with the Rob Schimek-led company at the time confirming the round would be led by Dragon Fund, MUFG and by Liquidity, with Baillie Gifford and Generali, through its private equity arm Lion River, also participating.

Addressing delegates at the Insurtech Insights USA conference in New York on Wednesday, Bolttech group CEO Schimek said Sumitomo Corporation, one of Japan’s largest trading houses, and Portuguese private equity and venture capital manager Iberis Capital had also participated in the fundraise as strategic investors.

According to Bolttech, the participation of Sumitomo Corporation and Iberis Capital brings the Series C to a close, with shares acquired by the funding round’s investors totalling $147 million, and giving the embedded insurance-focused company a valuation of $2.1 billion.

Alongside its investment, Sumitomo Corporation has agreed a joint venture with Bolttech through which the Japanese business will deliver embedded insurance programs and complementary end-to-end services for partners in Asia.

As previously reported, Sumitomo Corporation and Bolttech will partner to deliver technology-enabled embedded device protection solutions to distribution partners across Asian markets.

The collaboration will initially focus on a device upgrade program in Southeast Asia.

Schimek, in a statement, said the investments from Sumitomo Corporation and Iberis Capital are “a strong endorsement of our unique business proposition”.

The support “reinforc(es) our commitment to enabling a better insurance experience for customers worldwide”.

“We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value,” Schimek said.