Insurance startup bolttech has purchased i-surance a B2B2C digital insurance platform, to accelerate its expansion in Europe.
Financial and other terms of the deal have not been disclosed.
The acquisition follows bolttech’s $180m Series A funding round, which valued it at more than $1bn.
bolttech noted that the deal widens its reach from 14 to 26 markets across North America, Asia, and Europe, adding 12 new countries in Europe including Belgium, France, Germany, Liechtenstein, Luxembourg, Monaco, Netherlands, Poland, Portugal, Spain, Switzerland, United Kingdom.
i-surance partners with various firms such as telecommunications providers, retailers, and manufacturers, to offer market-leading protection products.
bolttech group CEO Rob Schimek said: “We are excited to welcome the i-surance team to the bolttech family. We have an aligned vision to connect people with more ways to protect the things they value, and we will build upon bolttech and i-surance’s strong foundations in Europe to accelerate our growth across the region. I look forward to seeing the powerful combination of our people, product and digital capabilities deliver even more value for our business partners and customers.”
As per the terms of the agreement, i-surance founder Jens Schädler will join Andrew Cons’ team, who is bolttech’s general manager for Europe.
Schädler said: “As the market leader in several European countries for mobile device protection and hearing insurance, we’re delighted to be joining such an ambitious and innovative business as bolttech. As part of the bolttech family, we are now able to provide our partners with global solutions.”