Bolttech Raises $147M Series C at $2.1B Valuation

The Rise of Embedded Insurance and Bolttech's Latest Funding

A significant challenge for businesses offering supplementary services or products, such as insurance, lies in presenting these offerings at the optimal point in the customer's buying process. This is when customers are most receptive to adding an extra expense to complete their purchase.

As online shopping continues to grow, companies facilitating connections between service providers and product distributors are experiencing increased attention from both customers and investors. Bolttech, a Singapore-based company functioning as a bridge between insurers, distributors, and consumers, announced on Wednesday the completion of a $147 million Series C funding round, achieving a $2.1 billion valuation.

Series C Funding Details

This announcement follows the initial closing of Bolttech’s Series C round six months prior, which secured approximately $100 million. Dragon Fund spearheaded that initial investment, with participation from Baillie Gifford, Generali, and other investors. The latest funding tranche includes investments from Japanese conglomerate Sumitomo Corporation and Portuguese investment firm Iberis Capital.

Established in 2020 by seasoned insurance professional Rob Schimek, Bolttech focuses on embedded insurance – integrating insurance or protection products directly into the customer’s purchasing experience.

Growth and Partnerships

The company has demonstrated rapid growth through its B2B2C model, quickly securing substantial funding. Bolttech currently connects approximately 700 distribution partners with over 230 insurers, offering coverage for more than 6,500 products globally.

As part of this Series C funding, Bolttech is establishing a joint venture with Sumitomo Corporation. This collaboration will focus on delivering embedded insurance products and comprehensive “end-to-end services” to partners throughout Asia.

Future Plans and Technological Advancement

The newly acquired capital will be allocated to strengthening Bolttech’s research and development capabilities and enhancing its insurance technology. Particular emphasis will be placed on advancements in areas like data analytics and artificial intelligence.

Expansion into Africa and North America is also planned, leveraging the funding to broaden the company’s geographic reach.

Key Metrics and Competitive Landscape

While the number of distribution partners and insurers served by Bolttech remains relatively consistent with figures shared during its Series B funding two years ago, the company reports a significant increase in total annualized quoted premiums. These premiums have risen to approximately $65 billion currently, compared to around $55 billion in May 2023.

The insurtech market has seen the emergence of numerous startups specializing in embedded insurance, including Qover, Neat, and Synctera, driven by the shift towards online shopping and evolving consumer behaviors.

Competition and Collaboration

Bolttech positions itself as a competitor to both traditional insurance companies and technology-driven players. Schimek explained to TechCrunch that some potential partners choose to develop their own in-house solutions. However, he emphasizes a spirit of “coopetition,” believing that collaboration is crucial to address the growing protection gap and expand insurance access for customers worldwide.

Investor Base and Strategic Alliances

Bolttech’s investor network includes prominent insurers like Japan’s Tokio Marine and MetLife. The company also maintains partnerships with major organizations such as Allianz, Apple, AXA, Liberty Mutual, Orange, Progressive, Lazada, Samsung, and Home Credit.

The company reported its total annualized quoted premiums reached $65 billion as of June 2025.