Global insurtech bolttech has announced the addition of strategic investors Sumitomo Corporation and Iberis Capital as it successfully closes its Series C funding round, with total investments of $147 million, reflecting a company valuation of $2.1 billion.
Sumitomo Corporation is one of Japan’s largest trading houses, while Iberis Capital is a private equity and venture capital manager based in Portugal.
The new strategic investors join Dragon Fund, Baillie Gifford, Generali’s Lion River, and others in the closing of bolttech’s Series C funding round.
The investment, first announced at the end of last year, will enable bolttech to enhance its platform capabilities and accelerate its global growth strategy—aiming to make insurance more personalised, accessible, affordable, and convenient for customers.
In addition to becoming a strategic investor, Sumitomo Corporation has entered into a joint venture with bolttech to deliver embedded insurance programmes and complementary end-to-end services for partners across Asia.
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Shinichi Kato, Group CEO of Media & Digital Group, Sumitomo Corporation, said, “We are thrilled to join forces with bolttech – both as a strategic investor and through our joint venture. We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region.”
Luís Quaresma, Partner, Iberis Capital, commented, “bolttech has emerged as a leading embedded insurtech player spanning a global footprint in a short amount of time. We are impressed by its tech capabilities, strategic vision for the future of insurance and its highly talented management team. We look forward to contributing to its next phase of growth, supporting the continued advancement of its unique solution.”
Rob Schimek, Group Chief Executive Officer, bolttech, added, “We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C. This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide. We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.”
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