Singaporean embedded insurance provider bolttech has closed its Series B investment round, led by Japanese insurer Tokio Marine, at $196m.

The round valued bolttech at $1.6bn and saw the participation of MetLife’s venture unit MetLife Next Gen Ventures.

Malaysia’s sovereign wealth fund Khazanah Nasional, along with new and existing shareholders, also joined the round.

Using the fresh infusion, bolttech seeks to invest in proprietary technology and digital capabilities for business partners and end consumers.

The startup also looks to increase the size of its workforce and enhance its international expansion plans.

Commenting on the latest raise, bolttech Group CEO Rob Schimek stated: “We are now one of the fastest growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.

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“We thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024.”

bolttech follows the B2B2C model, linking insurers with distributors and their customers.

It currently connects 700 distribution partners with more than 230 insurance firms, while providing more than 6,000 products.

The company launched in early 2020 and now has a presence in over 30 markets worldwide, with licences to operate across Asia, Europe and all 50 states in the US.

It presently quotes nearly $55bn of annualised premiums.

In 2021, bolttech raised $247m in a Series A fundraising round.