bolttech achieves Unicorn Status following USD180 million series A, the Largest Ever for an InsureTech
bolttech, an international InsureTech company, has announced the completion of an oversubscribed USD180 million series A funding round led by Activant Capital Group (Activant), joined by investors including Tony Fadell – Principal at Future Shape, Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital and Tarsadia Investments.
The investment round is the largest series A round for an InsureTech and values bolttech at more than USD1 billion, giving the InsureTech unicorn status only one year after its launch in 2020, the firm said in a press release.
With a vision to connect people with more ways to protect the things they value, bolttech was formed to transform the way insurance is bought and sold. With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products. The company's insurance exchange is the largest in the world transacting US$5 billion in premiums on the platform, providing a gateway to more than 5,000 products and 150 insurance providers.
Supported by a team of 1,400 employees, bolttech works with partners such as insurers, telcos, retailers, banks, e-commerce and digital destinations, to seamlessly embed insurance into their customer journeys at the point of need. To date, bolttech has built a global footprint that serves more than 7.7 million customers in 14 markets across 3 continents – North America, Asia, and Europe, with licenses in 50 states in the U.S. and several key markets in Asia and Europe-wide.
Rob Schimek, bolttech's Group Chief Executive Officer, said, "We are delighted to welcome our new investors, and 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. This investment will help us connect even more insurers, distributors, and customers on our platform, shaping the future of insurance distribution."
The investment will accelerate bolttech's continued growth, and its plans to consolidate its leading position in the United States. Over the past year, bolttech has grown its enterprise customers by three-fold and distribution partnerships by nine-fold in the United States. The additional capital will help bolttech further enable its partners and customers with enhanced technology and digital capabilities, and strengthen its presence in its existing markets while continuing to expand internationally.
As part of the investment, Richard Benson-Armer, Partner at Activant, will join bolttech's board of directors which already includes Peter Hancock, Robert Kyncl, and Malcolm Turnbull, amongst others.
Steve Sarracino, Founder and Partner at Activant, said, "As avid investors in commerce infrastructure and InsureTech, we understand the skill that's needed to connect this highly fragmented industry while also eliminating unnecessary friction and unlocking the purchase experience that consumers want. The scale and breadth of bolttech's platform makes them a clear leader in InsureTech and an enabler for the industry at large, and we're incredibly excited to partner with Rob and the global team as they redefine what's possible in insurance."
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