International insurtech bolttech has announced the successful raising of USD196m in its Series B funding round, placing the firm's valuation at USD1.6bn. This round was led by Japan's Tokio Marine, with significant contributions from MetLife through MetLife Next Gen Ventures, Malaysia's Khazanah Nasional, and other new and existing investors. This significant raise comes at a time when funding rounds exceeding USD100m are at their lowest since Q1 2020 in the global insurtech sector. The funding will be utilised to fuel organic growth and further investments in bolttech's proprietary technology, digital capabilities, talent acquisition, and international expansion. Having already established a significant global presence, bolttech plans to continue its mission to build the world's leading tech-enabled insurance ecosystem, aiming to reach profitability by 2024.
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