Boltech Secures $50 Million in Series B Round as part of its Growth Strategy

Boltech, based in Singapore, has raised $50 million in a Series B round led by impact investment firm LeapFrog Investments.

Bolttech said in a statement on September 21 that the investment adds to the company's recent Series B funding round, which now totals $246 million, making it the largest Series B round for an insurtech.

The proceeds from the $50 million commitment will be used to support Bolttech's global growth strategy, with a focus on emerging markets, as well as to expand its technology-enabled ecosystem for protection and insurance for emerging consumers, according to the statement.

The proceeds will accelerate the company’s goal of enabling the insurance industry to close the US$1.8 trillion global protection gap. Through the investment, bolttech and LeapFrog will work together to promote financial inclusion by improving access to essential and affordable insurance.

Boltech will be able to target its products to this growing market thanks to LeapFrog's extensive track record with tech-enabled insurance businesses in Africa and Asia. This will help to build social and economic resilience by mitigating everyday financial shocks.

Fernanda Lima, Partner and Co-Head of LeapFrog's Asia Financial Services team, will join bolttech's Board as a Non-Executive Director as part of the investment.

Fernanda's experience adding value across LeapFrog's global portfolio of inclusive financial institutions will help bolttech's emerging market presence and business growth, as well as guide the company's efforts to develop a strong, long-term environmental, social, and corporate governance (ESG) strategy.