Bolttech, a Singapore-based startup, secured $147 million in a Series C funding round, bringing its valuation to $2.1 billion. Focused on embedded insurance, the company connects distributors, insurers, and customers at critical moments in the purchasing journey. Founded in 2020, it has quickly grown its network to include 700 distribution partners and over 230 insurers. The raised funds will support tech advancements in data analytics and AI, alongside an expansion into North America and Africa, while establishing a joint venture with Sumitomo in Asia.
Bolttech is connecting service providers with distributors to enhance online ancillary product sales at critical moments in the customer's purchase journey.
The company has rapidly expanded its offerings, now connecting around 700 distribution partners with over 230 insurers, showcasing significant market presence.
Funds from the Series C will enhance Bolttech's R&D capabilities, particularly in data analytics and AI, to improve its insurance technology system.
The partnerships with established firms like Sumitomo are set to bolster Bolttech's reach in Asia, expected to facilitate integrated insurance services.
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