Bolttech, the Singapore-based insurtech, has raises over $100 million in Series C funding round funding led by Dragon Fund by Liquidity and MUFG.

Bolttech said in a statement on Friday that investors Baillie Gifford, Generali – through Lion River, the group’s company dedicated to Private Equity, and others, has also joined the round.

Following bolttech’s record-breaking Series A and B rounds, the Series C up-round values bolttech at $2.1 billion and the investment will further enhance its global growth strategy.

The strategic support of lead investor Dragon Fund alongside the follow-on investors and the Series C funding will enable bolttech to continue to enhance its platform’s capabilities, expand its market presence globally, and accelerate its goal to make insurance more tailored, accessible, affordable and convenient for customers.

This investment follows bolttech’s previous successful funding rounds, further establishing its role as a leader in the insurtech space.

“This latest round of funding is an endorsement of our value proposition and marks another significant milestone for bolttech,

“The funding also demonstrates our relentless pursuit of innovation and excellence as we enable the insurance industry,” said Rob Schimek, Group Chief Executive Officer, bolttech.

“With this investment from Dragon Fund and our Series C investors, we will continue to revolutionize the future of insurance through our leading technology-enabled ecosystem,” he added.

Bolttech is a global insurtech aims to build a technology-enabled ecosystem for protection and insurance.

The firm serves customers in more than 35 markets across Asia, Europe, North America, and Africa.

With digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to trade insurance and protection products.

Ridhi Chaudhary, Chief Investment Officer of Dragon Fund, said the firm is impressed by bolttech tech capabilities and execution.

“In a short time, bolttech has become a leading, embedded insurtech player with global presence and scale,

“I look forward to joining the board of directors and supporting its next phase of growth,” she added.

Aakash Tulsani, Managing Director at Dragon Fund, added bolttech’s differentiated technology and program management solution integrates insurance into customer purchase journeys, enhancing access to affordable, customized products.

“As a technology- first provider, bolttech is well positioned to shape the future of embedded insurance, a $70 billion+ addressable market globally,” he added.

Launched in 2023, Dragon Fund is an equity investment platform that invests globally in growth-stage technology and technology enabled companies.

The platform leverages Liquidity‘s proprietary technology in its investment process and MUFG’s extensive global network.

“Bolttech is a pioneering force in the embedded insurance space. By enabling seamless integration of insurance products into their distribution partners, bolttech is transforming how insurance is bought and sold globally,

“With a highly experienced team at the helm, we are optimistic about their potential to drive significant growth and profitability in the coming years,” said Hendrik Borginon, Investment Manager, Baillie Gifford.

Baillie Gifford is an independent investment partnership founded over a century ago in Edinburgh, owned and run by 58 partners who all work at the firm.

The firm aims to find game-changing companies (both public and private) that can sustain growth and provide returns for clients over five to ten years and longer.

With 1,708 staff and assets under management of £218 billion ($226 billion), it has offices in Edinburgh, Amsterdam, Dublin, Frankfurt, Hong Kong, London, New York, Shanghai, Toronto, and Zurich (at 30 September 2024).

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