Singapore-based insurtech bolttech has announced that Japanese insurer Tokio Marine along with other shareholders will lead its Series B funding round. 

The latest funding is said to value bolttech at approximately $1.5bn and follows its $247m Series A funding in 2021.

bolttech will use the latest proceeds to drive its global growth. 

The insurtech also said Tokio Marine’s investment will complement its reach, capabilities, distribution strength, and product innovation and bolster balance-sheet capacity. 

bolttech is an embedded insurance provider that uses its insurance exchange to connect insurers with distributors and customers. 

It has licences to operate in more than 30 markets across Asia and Europe and all 50 states of the US. 

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Tokio Marine managing executive officer, group chief digital officer Masashi Namatame said: “Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round, and join bolttech on its incredible growth trajectory as their strategic partner. 

“The scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space.”

bolttech group CEO Rob Schimek said: “Securing a lead investor of Tokio Marine’s high calibre and esteem is strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term value proposition, and our role in shaping the future of insurance distribution. 

“Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”

Earlier this month, bolttech acquired a majority stake in Indonesian insurance broker Axle Asia. \

In February 2022, the insurtech acquired Singapore-based insurance intermediary and specialist broker AVA Insurance Brokers and AVA Insurance Agency.