Global insurtech company bolttech has successfully closed its Series C funding round, raising $147m with the inclusion of strategic investors Sumitomo Corporation and Iberis Capital. This latest investment values the company at $2.1b. Sumitomo Corporation, one of Japan’s largest trading houses, and Iberis Capital, a prominent private equity and venture capital manager from Portugal, have joined existing investors such as Dragon Fund and Baillie Gifford in this round.
The investment will bolster bolttech’s platform capabilities and accelerate its global growth strategy, aiming to make insurance more personalised, accessible, and affordable. Sumitomo Corporation has also entered a joint venture with bolttech to deliver embedded insurance programmes and end-to-end services in Asia. Shinichi Kato, Group CEO of Media & Digital Group at Sumitomo Corporation, expressed enthusiasm about the partnership, stating, “We are thrilled to join forces with bolttech both as a strategic investor and through our joint venture.”
Luís Quaresma, Partner at Iberis Capital, praised bolttech’s rapid emergence as a leading embedded insurtech player, noting its impressive tech capabilities and strategic vision. Rob Schimek, Group CEO of bolttech, welcomed the new investors, highlighting the endorsement of bolttech’s business proposition and commitment to enhancing the insurance experience globally.
The Series C funding marks a significant milestone for bolttech as it continues to innovate and expand its offerings, connecting customers with more ways to protect what they value.
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