Singapore-based insurtech company bolttech has wrapped up its Series C funding round, raising $147m (S$188.87m), with a company valuation of $2.1bn.  

The funding round, initiated in December 2024, added new investors including Sumitomo Corporation and Portugal’s Iberis Capital. 

The company intends to use the funds to enhance its platform and advance its global growth strategy. 

Last month, Sumitomo Corporation formed a joint venture with bolttech to provide embedded insurance programmes and end-to-end services for partners across Asia.  

Sumitomo Corporation Media & Digital Group CEO Shinichi Kato stated: “We are thrilled to join forces with bolttech – both as a strategic investor and through our joint venture.  

“We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region.” 

Both Sumitomo Corporation and Iberis Capital join a consortium of existing investors comprising Dragon Fund, Baillie Gifford and Generali’s Lion River. 

bolttech CEO Rob Schimek said: “We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C. This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide.  

“We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.” 

Last month, bolttech integrated AWS generative AI solutions to optimise its operations and customer service.  

The bolttech Gen AI Factory platform, built on Amazon Bedrock, complements the company’s call centre operations powered by Amazon Connect and Amazon Lex.