Singapore-based insurtech company Bolttech’s valuation has breached US$1 billion after getting US$180 million in series A funding led by Activant Capital Group.

The funding round comes only a year after the firm’s 2020 launch and is reportedly the largest series A ever for an insurtech company.

The team behind Bolttech, which has now reached unicorn status / Photo credit: Bolttech

Founded in 2020 as part of the Pacific Century Group, Bolttech runs an insurance exchange platform that connects insurers, distributors, and customers to make transactions easier. It currently transacts US$5 billion worth of premiums with 5,000 products and more than 150 providers on its platform.

The firm is present in three continents with four regional offices, two of which are in Asia: Singapore, Hong Kong, New York, and Luxembourg. It also serves 14 markets worldwide, 10 of which are in Asia: Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam,.

Rob Schimek, group CEO of Bolttech, said that the fresh funds will help accelerate its growth as it plans to consolidate its leading position in the US. The added capital will also go into tech and capability improvement for its platform.

“We are delighted to welcome our new investors,” said Schimek. “Together with their support and partnership, we look forward to continuing on our mission to become the world’s leading technology-enabled ecosystem for protection and insurance.”

Update (July 12, 2021 12:30 PM SGT): Added information on Bolttech being a subsidiary to Pacific Century Group.