Insurtech bolttech secures a $50 million investment from LeapFrog Investments, bringing its Series B funding to a total of $246 million, the largest ever for an insurtech. The funds will fuel global growth and expand insurance offerings for emerging markets.
Facts
- LeapFrog Investments joins bolttech’s Series B funding with a $50 million investment.
- The Series B funding round now stands at $246 million, setting a new record in the insurtech sector.
- The investment will support bolttech’s global expansion strategy, focusing on emerging markets and enhancing its technology-enabled insurance ecosystem.
- The company aims to help close the $1.8 trillion global protection gap in the insurance industry.
- bolttech’s ecosystem connects tailored insurance products to consumers in over 30 markets across three continents, serving more than two million emerging consumers.
- Device protection offerings play a significant role in unbanked and underbanked markets like the Philippines, Vietnam, and Indonesia.
- Insurance and financing for devices and climate solutions, such as solar panels, are essential to increasing accessibility.
- bolttech and LeapFrog plan to improve access to affordable insurance, leveraging LeapFrog’s experience in tech-enabled insurance businesses in Africa and Asia.
- Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team will join bolttech’s Board as a Non-Executive Director, contributing to the company’s growth and ESG strategy.
- Rob Schimek, Group Chief Executive Officer of bolttech, and Fernanda Lima express enthusiasm for the partnership and the mission of expanding financial inclusion and accessibility to insurance.
