Latest news with #BaillieGifford
TechCrunch
2 days ago
- Business
- TechCrunch
Bolttech closes Series C at $147M with a $2.1B valuation to bolster its embedded insurance offerings
For many companies selling ancillary services or products (think insurance), the biggest problem when selling online is having their offering be surfaced at the right moment in the customer's purchase journey — exactly when the customer's most likely to spend that extra dollar to sweeten the deal. With more and more shopping moving online, companies that make this possible by connecting service providers with distributors of products are understandably seeing an uptick in interest, both from customers and investors. One such company, Singapore-based Bolttech, which acts as the connective tissue between insurers, distributors and their target customers, said on Wednesday it has closed a $147 million Series C round of funding at a $2.1 billion valuation. The news comes six months after the company disclosed the first close of its Series C, around $100 million, led by Dragon Fund with participation from Baillie Gifford, Generali and other investors. Japanese conglomerate Sumitomo Corporation and Portuguese investment firm Iberis Capital are among those investing in the new tranche. Founded in 2020 by Eric Gewirtzman and insurance veteran Rob Schimek, Bolltech specializes in embedded insurance — providing insurance or protection products that are integrated into the customer purchase experience. The company has grown fast with its B2B2C approach, quickly raising hundreds of millions in funding, and it says it now connects about 700 distribution partners with more than 230 insurers, covering over 6,500 products across the world. As part of the Series C, Bolttech is also striking up a joint venture with Sumitomo to offer embedded insurance products and comprehensive 'end-to-end services' to partners in Asia. The startup plans to use the fresh cash to enhance its R&D capabilities, and improve its insurance technology, particularly in areas such as data analytics and AI. The funding will also be used to expand further in Africa and North America. We noticed that there hasn't been a noticeable uptick in the number of distribution partners and insurers Bolttech serves compared to the numbers it shared three years ago when it raised its Series B. But the company says its total annualized premiums have increased to approximately $60 billion as of April this year, up from around $55 billion in May 2023. Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW We've seen a host of embedded insurtech startups like Qover, Neat and Synctera coming up over the past few years, as more shopping has moved online since the pandemic and insurers try to adapt to changing consumer habits. But Bolttech says it competes with both traditional insurers and a few technology-focused players. 'Sometimes, the competition is simply taking the 'do-it-yourself' approach, where potential partners opt to build solutions in-house. However, we often speak about 'coopetition' (collaborative competition) because in a world with a growing protection gap, the opportunity is vast, and we believe the industry can achieve more by working together to expand access to insurance for customers everywhere,' Schimek told TechCrunch. Bolttech's investor base includes insurers such as Japan's Tokio Marine and MetLife, and it has partnered with major names like Allianz, Apple, AXA, Liberty Mutual, Orange, Progressive, Lazada, Samsung, and Home Credit.
Daily Mail
28-05-2025
- Business
- Daily Mail
Why is Meta a good investment? A growth investor replies
As with any investment, capital is at risk. Meta is already one of the world's biggest companies, and its share price has risen dramatically in recent years. So, can it still be considered a good growth investment? This is Money replies: Meta is the group behind some of the world's most famous digital names, Facebook, WhatsApp and Instagram. It is also one of the most successful and largest companies in the world. We spoke to Jon Henry, Investment Specialist, at Monks Investment Trust, which holds Meta as one of its top ten holdings to ask him why it can still be considered a good growth investment. But first a bit of background. Facebook founder and CEO Mark Zuckerberg changed his company's name to Meta in October 2021 and since then its share price has almost doubled from $323 to $640 (on 16 May 2025), with the business now having a huge $1.6trillion market cap. Facebook and then Meta's growth has been astonishing over the company's relatively short life - the initial site was only started at Harvard University in 2004 - and long-term holders of its shares will have been richly rewarded. But with Meta now so big, and so many people and businesses all around the world already using its social media apps, services and advertising, it is reasonable to ask how it can still be a growth investment, with its earnings and shares continuing to rise. Monks is an investment trust managed by Baillie Gifford, which aims to deliver long-term capital growth for its investors, by applying a patient approach to holding a diversified range of global growth stocks. Jon Henry, of Monks Investment Trust, replies: Under Mark Zuckerberg's leadership, Meta has proven itself innovative, flexible and willing to invest significantly in growth. Indeed, Meta has invested billions in its AI capabilities, amid scepticism from investors. In early 2022, Meta's shares traded on a low teen multiple of earnings (a company's total valuation expressed as a multiple of its annual profits). We added for Monks during this period - but this has proven to be the bedrock of its subsequent success, and its share price has tripled over the past three years. Meta now offers a market-leading advertising proposition with unparalleled reach across 3.6 billion monthly active users—approaching half of humanity. It has developed a 'core AI' capability that better targets merchant advertising to users on its platforms. This has driven increasing engagement and higher conversion rates for merchants, boosting Meta's pricing power and profit growth. Meta's latest results suggest that its growth engine remains in rude health. It delivered impressive revenue growth of 19 per cent year-on-year, while operating margins have expanded considerably (now 41 per cent, up more than 3 per cent year-on-year, having been 28 per cent in 2022). So, what would a growth fund manager who decided to hold Meta shares look for in the company to back up their investment decision? Our investment case centres on strengthening evidence that Meta will remain a critical communication infrastructure in the Western world. We are looking for Meta to leverage its vast scale and financial firepower to grow its reach and targeting capabilities over time. This includes growing its nascent Threads platform, which now has around 300 million users and leveraging AI across its advertising estate. For example, WhatsApp has 3 billion active users but contributes a small proportion of Meta's revenues today. A combination of growing scale, improved engagement and higher revenues per customer should support Meta's growth beyond its circa 20 per cent market share of global digital advertising (the global market, circa $1trn growing at 9 per cent p.a.). Another leg of Meta's growth story will be its 'generative AI' capabilities. 'Meta AI', an AI agent embedded into its family of apps, could deliver growing utility and revenue potential. Meta continues to invest aggressively, indicating that it plans to spend $64-$72bn on AI this year alone. These services will allow AI agents to interact with communities, create engaging and personalised adverts, and generate organic content. While monetisation is not yet on the agenda, these services could become extremely valuable and are not recognised in the valuation of the shares today, which are currently trading on a mid-twenties multiple of earnings. > Learn more about Monks and long-term investing in a changing world Important information This article does not constitute, and is not subject to the protections afforded to, independent research. Baillie Gifford and its staff may have dealt in the investments concerned. The views expressed are not statements of fact and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). The investment trusts managed by Baillie Gifford & Co Limited are listed on the London Stock Exchange and are not authorised or regulated by the FCA.
Bloomberg
27-05-2025
- Business
- Bloomberg
Stock Movers: Okta, Vail Resorts, Tesla
On this episode of Stock Movers: - OKTA: Okta shares fell in postmarket trading after the cybersecurity company's second-quarter forecast for current remaining performance obligation fell short of the average analyst estimate. Okta's muted growth view of 10-11% for current remaining performance obligations in fiscal 2Q26 implies a sharp deceleration from its 1Q results and could be due to a longer sales cycle, even with the company's expanded product suite and exposure to demand for identity security in AI-agent deployments, according to Bloomberg Intelligence. - MTN: Vail Resorts shares jumped in extended trading after the operator of ski resorts said it reappointed Rob Katz as CEO, succeeding Kirsten Lynch, who has stepped down from the role. The company also reaffirmed its fiscal 2025 guidance. Katz will continue to serve as the chairperson of the board, which comprises 11 directors, according to a press release. - TSLA: Tesla Inc.'s inroads in self-driving, robots and home energy systems is keeping Baillie Gifford invested in Elon Musk's company, even after trimming its stake substantially, a director at the Scottish asset manager said. 'Our holding in Tesla has not vanished completely. It's smaller than it has been, but it's a company that we'll continue to watch,' Hamish Maxwell, a director and analyst with Baillie Gifford's Scottish Mortgage Investment Trust said Tuesday in an interview.
Times
19-05-2025
- Business
- Times
Trump and co test Baillie Gifford's strategy of patient investment
Fresh from facing down Saba Capital Management, the New York hedge fund that launched a campaign to remove the boards of a host of investment trusts, Baillie Gifford finds itself tested once more. This time it's by the fallout from President Trump's tariffs. As its managers made their pitch to investors in the Georgian grandeur of Edinburgh's Assembly Rooms, they must grapple with the trade wars that have sent tremors through the global financial markets. The latest triennial get-together for the Scottish asset management giant comes after a bruising three years for some of its best known funds, which have underperformed. The sharp rise in interest rates and a more precarious macroeconomic outlook has dented the appetite for some of the ultra-high growth companies across
CNBC
09-05-2025
- Business
- CNBC
Rippling valued at $16.8 billion as HR software startup raises $450 million, says IPO not imminent
Human resources software startup Rippling said Friday that its valuation has swelled to $16.8 billion in its latest fundraising round. The company raised $450 million in the round, and has committed to buying an additional $200 million worth of shares from current and previous employees. The company's valuation is up from $13.5 billion in a round a year ago. Rippling said there was no lead investor. Baillie Gifford, Elad Gil, Goldman Sachs Growth and others participated in the round, according to a statement from the San Francisco-based company. With the tech IPO market mostly dormant over the past three-plus years, and President Donald Trump's new tariffs on imports leading several companies to delay planned offerings, the most high-profile late-stage tech startups continue to tap private markets for growth capital. Rippling co-founder and CEO Parker Conrad told CNBC in an interview the the company isn't planning for an IPO in the near future. Conrad also highlighted a change that's taken place in public markets in recent years, since inflation began soaring in late 2021, followed by higher interest rates. With concerns about the economy swirling, many tech companies downsized and took other steps toward generating and preserving cash. "It does look a lot like, in order to be successful in the public markets, your growth rates have to come down so that you can be profitable," said Conrad, who avoided enacting layoffs. "And so for us, that sort of pushes things out until the company looks profitable and probably slower growing, right?" At Rippling, annual revenue growth is well over 30%, Conrad said, though he didn't provide an updated sales figure. The information reported last year that Rippling doubled annual recurring revenue to over $350 million by the end of 2023 from a year prior. Given the pace of expansion, Conrad said he isn't fixated on profits at the moment at Rippling, which ranked 14th on CNBC's Disruptor 50 list. Rippling offers payroll services, device management and corporate credit cards, among other products. Competitors include ADP, Paychex, Paycom Software and Paylocity. There's also privately held Deel, which Rippling sued in March for allegedly deploying a spy who collected confidential information. Conrad suggested that the publicity surrounding the case may be boosting business. "I think it's too early to say, looking at the data, how all of this is going to evolve from a market perspective, but certainly we see some companies that have said, 'Hey, we're talking to Rippling because of this,'" Conrad said.
