Bolttech Closes $147M Series C, Partners with Sumitomo for Asia Expansion

bolttech, a global insurtech company, has successfully closed its Series C funding round, raising $147 million and achieving a valuation of $2.1 billion. New strategic investors Sumitomo Corporation, one of Japan’s largest trading houses, and Iberis Capital, a private equity and venture capital firm from Portugal, joined existing backers including Dragon Fund, Baillie Gifford, and Generali’s Lion River. Alongside its investment, Sumitomo Corporation has formed a joint venture with bolttech to deliver embedded insurance programs and end-to-end services across Asia, focusing initially on device protection and upgrade programs in Southeast Asia. The funding will be used to enhance bolttech’s platform capabilities and accelerate its global growth strategy, aiming to make insurance more personalized, accessible, affordable, and convenient worldwide. Leadership from both new investors expressed confidence in bolttech’s innovative technology, strategic vision, and talented management team, viewing the partnership as a strong endorsement of the company's unique business proposition and a driver for growth and innovation in the insurance sector. bolttech’s CEO Rob Schimek emphasized the company’s commitment to building the future of insurance and improving customer experiences globally.