Fast-growing insurtech Bolttech is set to raise more than $100 million in a Series C round led by Dragon Fund, Liquidity and MUFG, alongside investors Baillie Gifford and Generali, through its arm private equity firm Lion River.

Following Bolttech’s record Series A and B rounds, the Series C round values ​​the Singapore-based company at $2.1 billion, with the investment intended to support its global growth strategy.

Ridhi Chaudhary, CIO of Dragon Fund, said: “We are excited to lead Bolttech’s Series C round. In a short time, Bolttech has become a major player in integrated insurtech, with global presence and scale. We are impressed with its technological capabilities and execution. I look forward to joining the board and supporting its next phase of growth.

His colleague Aakash Tulsani, Managing Director of Dragon Fund, highlighted Bolttech’s differentiated technology and program management solution that integrates insurance into customers’ purchasing journeys, providing access to affordable and personalized products.

“As a technology-driven provider, Bolttech is well-positioned to shape the future of integrated insurance, a potential market of more than $70 billion globally. »

Baillie Gifford investment manager Hendrik Borginon described Bolttech as a pioneering force in the integrated insurance space.

“By enabling seamless integration of insurance products across their distribution partners, Bolttech is transforming the way insurance is bought and sold globally. With a highly experienced team at the helm, we are optimistic about their potential to deliver significant growth and profitability in the years to come,” he said.

Bolttech Group CEO Rob Schimek suggested the latest round of funding serves as an endorsement of the company’s value proposition, marking another “milestone” for the company.

“This funding also demonstrates our relentless pursuit of innovation and excellence as we support the insurance industry. With this investment from Dragon Fund and our Series C investors, we will continue to revolutionize the future of insurance through our cutting-edge technology ecosystem,” he continued.

In an interview with The Insurer TV in June of this year, Schimek highlighted Bolttech as the leading player in the integrated insurance sector – which he said represents a multi-billion dollar total addressable market.

“While we are a privately held company (and) we do not disclose revenue details, let me say that I am confident that our company’s revenues are far greater than those of anyone in our peer group, » he explained.

“In this way we are a leader, but the truth is that we learn from others (pursuing integrated strategies) and we hope that they will continue to follow our example and all of us together,” he said, describing the embedded market as “a huge cake”.

“We don’t need to focus on stealing each other’s things. Let’s focus on how we actually make this whole business successful. This is our dream,” he said.

At the time, he said the next phase of Bolttech’s growth would likely involve accretive M&A opportunities.

“We are not interested in buying just anyone for any reason: we have a very specific set of criteria,” he said, adding that Bolttech is looking for “hard to find” contracts that will be profitable and won’t burn money.

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