Insurtech firm bolttech has welcomed LeapFrog’s injection of US$50 million, resulting in a remarkable total of US$246 million — the largest Series B round ever seen in the insurtech sector.
LeapFrog is now a strategic investor in an extension of the insurtech’s Series B funding round, with the additional US$50 million being used to fuel bolttech’s global growth strategy, specifically focusing on emerging markets.
It will also be instrumental in expanding its technology-enabled ecosystem, catering to protection and insurance needs for emerging consumers. The goal, bolttech says, is to expedite efforts within the insurance industry to bridge the massive US$1.8 trillion global protection gap.
As part of this investment, Fernanda Lima, partner and co-head of LeapFrog’s Asia Financial Services team, will join bolttech’s board as a non-executive director. Lima’s expertise, honed through adding value to LeapFrog’s portfolio of inclusive financial institutions globally, will bolster bolttech’s presence and business growth in emerging markets. Additionally, it will guide the company in shaping a robust, long-term ESG (Environmental, Social, and Governance) strategy.
Additionally, the strategic investment is expected to empower bolttech and LeapFrog to collaborate in advancing financial inclusion by enhancing access to essential and affordable insurance. Leveraging LeapFrog’s extensive experience with tech-enabled insurance ventures in Africa and Asia, bolttech aims to target its products to this burgeoning market.
“We are thrilled to welcome LeapFrog as our new strategic investor amid a challenging economic backdrop for insurtechs and fintechs globally,” bolttech Group CEP Rob Schimek said. “We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need. We also welcome Fernanda, who will bring an invaluable depth and breadth of diverse experience to our board. We look forward to working with her as we achieve our vision of connecting people around the world with more ways to protect the things they value.”
Earlier this year, the Singapore-based insurtech also announced its appointment of Stuart Watson as director of insurance exchange in Asia.
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