SINGAPORE, June 5, 2025 — Embedded insurance startup Bolttech said Wednesday it has raised $147 million in new Series C funding, pushing its valuation to $2.1 billion as the company seeks to expand globally and enhance its tech capabilities.

The latest round follows the initial $100 million close of the Series C announced six months ago, led by Dragon Fund with support from Baillie Gifford, Generali and others. The new tranche includes investments from Sumitomo Corporation and Iberis Capital.

Bolttech was founded in 2020 by insurance executive Rob Schimek. It connects insurers and distribution partners to offer embedded insurance—coverage offered as part of the checkout process—directly to customers. The company said it now links 700 distribution partners with over 230 insurers across more than 6,500 insurance and protection products worldwide.

As part of the Series C, Bolttech is forming a joint venture with Sumitomo to offer integrated insurance services in Asia. The startup said it will use the new funds to invest in research and development, improve its technology stack with data analytics and AI tools, and scale operations in Africa and North America.

The embedded insurance model has gained traction in recent years, especially as consumer buying patterns have shifted online. Bolttech acts as an intermediary, allowing insurers to tap into e-commerce and digital channels at the moment of sale.

Still, the company’s partner network appears to have plateaued since its Series B announcement in 2022, when it reported similar figures for insurers and distributors. However, Bolttech says annualized quoted premiums have risen to approximately $60 billion as of April 2025, up from $55 billion in May 2023.

“We often speak about collaborative competition,” said Rob. “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.”

Bolttech competes with both traditional insurers and emerging insurtech firms such as Qover, Neat and Synctera. It also faces competition from in-house builds, as some potential partners choose to develop embedded solutions themselves.

Despite this, Bolttech has attracted major partners and backers, including Allianz, Apple, AXA, Liberty Mutual, Orange, Progressive, Lazada, Samsung and Home Credit. Its investor list features prominent insurers such as Tokio Marine and MetLife.

As shopping habits continue to evolve and digital distribution channels grow, Bolttech is positioning itself to be the infrastructure layer bridging insurers and consumers in real time—at the point of purchase, when protection feels most relevant.