Singapore-based insurtech startup Bolttech has closed its Series C funding round, raising $147 million and pushing its valuation to $2.1 billion. The round includes investment from major global backers such as Sumitomo Corporation, Baillie Gifford, Dragon Fund, Iberis Capital, and Generali. This milestone comes just six months after the first close of the Series C, which had already drawn in $100 million. Founded in 2020 by insurance industry veteran Rob Schimek, Bolttech has quickly emerged as a key player in embedded insurance—a fast-growing sector that integrates insurance products directly into the customer purchase experience.
Bolttech connects insurers, distributors, and customers through a unique B2B2C model. It currently links over 700 distribution partners with more than 230 insurers, offering access to a diverse catalog of over 6,500 products across the globe. While the number of partners has remained steady since its last funding round, Bolttech reports that its total annualized quoted premiums have increased to $65 billion as of June 2025, a notable jump from $55 billion a year earlier.
The latest funding will support Bolttech’s continued investment in R&D, especially in areas like artificial intelligence and data analytics, to further enhance its insurance technology stack. It also plans to use the capital to expand operations in Africa and North America, capitalizing on the growing trend of online shopping and the increasing need for seamless digital insurance integration. Additionally, Bolttech has announced a new joint venture with Sumitomo Corporation aimed at delivering embedded insurance and end-to-end service offerings to partners in Asia.
Despite growing competition from emerging insurtech players like Qover, Neat, and Synctera, Bolttech remains focused on collaboration within the industry. CEO Rob Schimek describes the company’s approach as “coopetition,” highlighting the belief that bridging the global protection gap requires industry players to work together rather than compete outright. In an era where timing and personalization are crucial, Bolttech’s embedded insurance solution is positioned as a natural fit for companies seeking to offer relevant protection at the exact point of customer need.
Bolttech’s list of high-profile partnerships includes global leaders such as Apple, Allianz, Samsung, AXA, Progressive, Liberty Mutual, Orange, Lazada, and Home Credit. These partnerships, along with its growing investor base—which includes Tokio Marine and MetLife—underscore the trust placed in Bolttech’s platform and its ability to scale efficiently and securely.
With a fresh influx of capital, strong global partners, and a mission to simplify access to insurance, Bolttech is building not just a company, but a category. As embedded finance and insurtech continue to transform how services are delivered, Bolttech stands out as a frontrunner in shaping the digital future of insurance.
