Bolttech: Dreaming big, achieving big
Bolttech is a Singapore-based insurtech company whose valuation has crossed US $1 billion after getting US $180 million in series A funding led by Activant Capital Group. The amazing fact is that this huge funding comes only a year after the firm’s 2020 launch and is reportedly the largest series A ever for an insurtech company. Bolttech is an international insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. bolttech serves customers in 26 markets across North America, Asia and Europe.
The company was founded in 2020 as part of the Pacific Century Group. Bolttech runs an insurance exchange platform that connects insurers, distributors, and customers to make transactions easier. The eye-opening thing is that it currently transacts US $5 billion worth of premiums with 5,000 products and more than 150 providers on its platform.
At present, the company owns four regional offices in three continents, two of which are in Asia: Singapore, Hong Kong, New York, and Luxembourg. Worldwide, it serves 14 markets, 10 of which are in Asia: Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
The group CEO of Bolttech, Rob Schimek, explained that the fresh funds will help accelerate the company’s growth as it plans to consolidate its leading position in the US. The added capital will be used for technology and capability improvements for its platform.
Schimek never missed a chance to show his gratitude towards the investors. He said, “We are delighted to welcome our new investors.” “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.”
It came out as huge news when an insurance tech startup, Bolttech, revealed that it had raised $180 million in a funding round, led by private investment firm Activant Capital Group, that valued it at more than $1 billion.
The New York and Singapore-based company’s online platform serves as a bridge between insurance companies, allowing them to offer customers products that may not be in their area of specialization.
Boltech’s group chief executive officer once pointed this out: insurance providers spend billions of dollars every year on advertising to bring in customers, some of whom may want financial products not in the provider’s portfolio,
The actual work of insurance providers is to sell something. Somehow, they just don’t want to say no to any client, so they use bolttech to offer additional products. This statement is being confirmed by Schimek, who was previously a top executive at insurance giant AIG.
Bolttech is blessed with 150 insurance providers across 14 countries, and $5 billion worth of insurance premiums has been transacted through the platform.
Bolttech provides a platform which even allows non-insurance companies to offer insurance products to customers, and individuals and small businesses can buy insurance directly.
“The brilliance is that the (insurance) exchange, it’s never really been done properly and everyone held on so tightly to the customers and wouldn’t sell other people’s insurance, and that’s really just started to change,” said Activant Capital partner Steve Sarracino, about why he led such a big round of funding.
The huge funds the company is getting will be used to improve Boltech’s technology and expand its global footprint. There must be something wrong with the company if they can raise $180 million in Series A funding.The company definitely intends to use the funds to accelerate its growth strategy and solidify its position in the market.
Rob Schimek, Group Chief Executive Officer, is a leading bolttech company, providing a full suite of digital and data-driven capabilities to power connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.
Boltech, the fast-growing international insurtech, announced with pride that it has welcomed another strategic investor, BRV Capital Management (BRV), an Asia-based investment platform. The addition follows Bolttech’s announcement of Series A investors including Activant Capital, Tony Fadell, Principal at Future Shape LLC, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, Tarsadia Investments, EDBI Singapore, and Mundi Ventures.
BRV is a tech-focused, Asia-based growth equity arm of BlueRun Ventures, with an accumulated investment track record of over 20 years. It has an active presence across Seoul, Tokyo, Hong Kong, Beijing, Shanghai, and Menlo Park. BRV selectively invests in Asian category leaders that show an opportunity for tech-enabled long-term growth.
The company has set out to be ambitious in the implementation of their international growth strategy, moving with speed and conviction to make strategic acquisitions and invest in their talent and capabilities. BRV’s investment is further validation of their unique proposition and vision to connect people with more ways to protect the things they value.
Kwan Yoon, General Partner, BRV Capital Management, said, “Bolttech’s leading technology-driven insurance exchange and distribution network presents a very compelling opportunity to be a part of a future of insurance that will benefit customers and partners alike.” We are excited to partner with Bolttech and support its continued international expansion by extending our own resources and networks. “
BRV Capital Management (“BRV”) is a tech-focused growth equity arm of BlueRun Ventures USA, with highly localized presence in Asia (offices across six cities – Seoul, Tokyo, Hong Kong, Beijing, Shanghai, and Menlo Park). BRV helps to create unique long-term growth by identifying category winners in their respective industries and maximizing their potential through leveraging over 20 years of deep industry insight and global expertise in applying technological innovations.