Singapore-based Bolttech, backed by Hong Kong billionaire Richard Li, raised an additional $50 million in Series B funding for a total of $246 million—which it says is the largest ever Series B round for an insurtech.
The additional funding came from LeapFrog Investments, a Temasek-backed private equity firm focused on financial servives and healthcare. “Bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets,” said Fernanda Lima, partner and co-head of LeapFrog’s Asia financial services team, in a statement. On the back of the extension, Bolttech said it will appoint Lima to its board as a non-executive director.
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