Latest news with #RobSchimek
Yahoo
2 days ago
- Business
- Yahoo
Insurtech company bolttech raises $147m at $2.1bn valuation
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. "Insurtech company bolttech raises $147m at $2.1bn valuation " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
TechCrunch
3 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.
Yahoo
09-05-2025
- Business
- Yahoo
bolttech and Sumitomo to launch JV for device protection in Asia
Singapore-based insurtech company bolttech has teamed up with Japanese trading house Sumitomo Corporation to form a joint venture (JV) for device protection in Asia. The JV will deliver technology-enabled embedded solutions to distribution partners throughout Asia, with a focus on device life cycle management services including device upgrades. The partnership will start with a device upgrade programme in South East Asia using bolttech's distribution network and Sumitomo's financing expertise. Sumitomo Corporation Media & Digital Group CEO Shinichi Kato said: 'We are thrilled to join forces with bolttech, a partner with proven track record in offering technology-enabled solutions to address consumer needs. 'We are confident that this partnership will enable us to leverage our combined expertise and resources to deliver industry-leading device life cycle management services, driving growth and innovation across the Asia region.' This initiative aims to enhance the offerings of distribution partners, enabling them to provide 'comprehensive solutions' to their customers. bolttech CEO Rob Schimek stated: 'We are delighted to welcome Sumitomo Corporation as our strategic partner. We are confident that Sumitomo Corporation's expertise in devices and vast network, combined with our distribution capabilities, will drive us forward in creating a better protection experience for consumers in Asia. 'We are excited to continue our journey in shaping the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.' Operating in 37 markets, bolttech brings a suite of digital and data-driven capabilities that connect insurers, distributors and customers. In December 2024, the company launched its Series C funding round, led by Dragon Fund, by Liquidity and MUFG, valuing bolttech at $2.1bn (S$2.72bn). "bolttech and Sumitomo to launch JV for device protection in Asia " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
