InsurTech unicorn bolttech, which develops insurance software, has extended its Series A round by another $30m.
bolttech reached the $1bn valuation in rapid time, reaching the milestone after its Series A round, which closed on $180m in July 2021.
The investment round, which is the largest Series A raised by an InsurTech, sees Singapore-based EDBI and Spain-based Mundi Ventures.
With the fresh equity, the company hopes it can grow its list of partners and customers as well as enhance its technology. Alongside this, the InsurTech company hopes the new strategic investors will enable it to bolster its presence in Southeast Asia, Europe and other existing markets.
Currently, bolttech has over 7.7 million customers, spanning 26 markets and three continents. It recently acquired I-surance to help grow its international presence.
Based in Singapore, the company claims to foster connections between insurers, distributors and customers to make the process of buying and selling insurance easier.
bolttech CEO Rob Schimek said, “We are thrilled to welcome such high calibre strategic investors. They bring an extensive network and deep expertise in their respective markets which will help propel our growth and support our innovation for our partners and customers around the world.
“Together with their partnership, we look forward to accelerating our international growth and realising our vision to connect more people around the world with ways to protect the things they value.”
Copyright © 2021 FinTech Global