Bolttech, a rapidly growing insurtech company, has successfully closed a $147 million Series C funding round, achieving a valuation of $2.1 billion. In 2020, Eric Gewirtzman and industry heavy-weight Rob Schimek launched Bolttech. Since then, the company has established itself as a leading power player in the burgeoning embedded insurance marketplace. The company functions as a vital connector between insurers, distributors, and their target customers, facilitating seamless access to insurance products.
Dragon Fund, which also led that round, joined investors in the new $80 million round. Many notable investors participated, including Baillie Gifford, Generali, Japanese conglomerate Sumitomo Corporation, and Portuguese investment firm Iberis Capital. This additional capital will allow Bolttech to expand its operations deeper into Africa and across North America. The joint venture the company announced with Sumitomo today is part of that company’s Series C round. Combining their strengths, the two will provide embedded insurance products and end-to-end solutions to partners across Asia.
Mobility as a Service pioneer Rob Schimek put a premium on ‘coopetition.’ He is convinced that in a world with an increasing protection gap, there are huge opportunities to collaborate and collectively deepen insurance penetration and broaden access to customers across the globe.
Bolttech’s groundbreaking B2B2C model has empowered it to link nearly 700 distribution partners with more than 230 insurers. The company insures over 6,500 different products around the world, illustrating its huge scope and influence in the booming insurance tech industry. In the meantime, it has created deep relationships with household names such as Allianz, Apple, and Samsung. These partnerships make a statement about its competitive advantage in today’s market.
Since its launch, Bolttech has seen significant growth. As of this past April, its total annualized premiums jumped to over $60 billion. That’s a big jump from the roughly $55 billion identified back in May 2023. The firm’s remarkable growth trajectory speaks to its track record of winning hundreds of millions in competitive funding. It has further laid claim to being a powerful market mover.
Bolttech largely competes with the tech-backed new players rushing into the insurtech space alongside traditional insurers. What makes the company unique is its deep focus on embedded insurance. Further, this approach provides protection products more naturally at the point of the customer purchase.
As for Bolttech, the company is proceeding with ambitious plans. With the new funding, it plans to deepen its service lines and move into new cities. The company’s strategy incorporates “coopetition” collabo-commanding concept, as they call it, looking to working with other industry players. This model hopes to address the increasing protection gap and improve customer reach to insurance.
