bolttech closes Series C fundraise, welcomes investors Sumitomo Corporation and Iberis Capital

• Both firms join Dragon Fund, Baillie Gifford and others in the Series C close
• Investment will fuel global expansion, improve access to smarter, affordable insurance solutions

bolttech, the fast-growing global insurtech startup, has announced the addition of 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 a statement, the company said that the participation of both firms marks the successful close of its Series C funding round, with shares acquired by Series C investors totalling US$147 million (RM688 million), reflecting a company valuation of US$2.1 billion (RM9.83 billion).

In addition to Sumitomo Corporation becoming a strategic investor, the company has entered into a joint venture with bolttech to deliver embedded insurance programmes 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 the closing of bolttech’s Series C round.

This investment will enable bolttech to enhance its platform capabilities and accelerate its global growth strategy, aiming to make insurance more personalised, accessible, affordable, and convenient for customers.

Shinichi Kato, Group CEO of Media & Digital Group, Sumitomo Corporation, said: “We are joining forces with bolttech – both as a strategic investor and through our joint venture. We are confident that this partnership will allow us to work closely with the bolttech team to drive growth and innovation across the Asia region.”

Luís Quaresma, Partner, Iberis Capital, said: “bolttech has emerged as a leading embedded insurtech player with a global footprint achieved in a short span of time. We are impressed by its technological capabilities, strategic vision for the future of insurance, and its highly talented management team. We look forward to supporting the next phase of its growth and the advancement of its unique solution.”

Meanwhile, Rob Schimek, Group CEO, bolttech, said: “We welcome our newest strategic investors, Sumitomo Corporation and Iberis Capital, as we close our Series C. This investment is a strong endorsement of our business proposition and reinforces our commitment to delivering a better insurance experience for customers worldwide. We are excited to continue our journey of building the future of insurance and connecting people with more ways to protect the things they value.”