Singapore's bolttech Raises $50M in Series B Round Led by LeapFrog Investments

Singapore's insurtech firm bolttech has announced a successful $50 million Series B funding round led by LeapFrog Investments, an impact investment company. This latest funding brings bolttech's Series B total to an impressive $246 million, marking it as the largest Series B round ever seen in the insurtech sector.

The funds secured in this round will be utilized to support bolttech's global expansion strategy, with a specific focus on emerging markets. Additionally, the company aims to further develop its technology-enabled ecosystem for protection and insurance services aimed at emerging consumers. The ultimate goal is to address the global protection gap, estimated at $1.8 trillion.

Through this investment, bolttech and LeapFrog will collaborate to enhance financial inclusion by increasing access to essential and affordable insurance products. Leveraging LeapFrog's extensive experience in tech-enabled insurance businesses across Africa and Asia, bolttech aims to tailor its offerings to serve this growing market and help bolster social and economic resilience by mitigating financial shocks.

As part of the investment agreement, Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team, will join bolttech's board as a Non-Executive Director. Her expertise in adding value to inclusive financial institutions globally will support bolttech's expansion in emerging markets and guide the development of a long-term environmental, social, and corporate governance (ESG) strategy.