Singapore’s insurtech bolttech announced Wednesday that it has closed Series C fundraise at $147 million, reflecting a company valuation of $2.1 billion.

Bolttech said in a statement that it welcome Sumitomo Corporation, one of Japan’s largest trading houses, and Iberis Capital, a leading private equity and venture capital manager in Portugal, as strategic investors.

In addition to Sumitomo Corporation becoming a strategic investor, the company has entered a joint venture with bolttech to deliver embedded insurance programs and complementary end-to-end services for partners in Asia.

Sumitomo Corporation and Iberis Capital join Dragon Fund, Baillie Gifford, Generali’s Lion River, and other investors in bolttech’s Series C funding round closing.

This investment will enable the company to enhance its platform’s capabilities and accelerate its global growth strategy, to make insurance more personalized, accessible, affordable, and convenient for customers.

“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,” said Shinichi Kato, Group Chief Executive Officer of Media & Digital Group, Sumitomo Corporation.

Meanwhile, Luís Quaresma, Partner, Iberis Capital, said 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,” he added.

Rob Schimek, Group Chief Executive Officer, bolttech, said this investment is a strong endorsement of the firm’s unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide.

“We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C,

“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,” he added.

Sumitomo is an integrated trading and business investment company with a strong global network comprising 125 offices in 64 countries and regions.

The Sumitomo Corporation Group consists of approximately 900 companies on a consolidated basis.

The group’s business activities are spread across the following nine groups: steel, automotive, transportation and construction systems, diverse urban development, media and digital, lifestyle business, mineral resources, chemicals solutions and energy transformation business.

Founded in 2017, Iberis Capital is a venture capital fund manager based in Lisbon, that invests in innovative tech startups with a strong presence in Portugal.

The firm has over 500 million euros ($571 million) in assets under management and a base of over 1,000 investors.


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