Hong Kong-based insurtech startup Bowtie has raised US$22.6 million in a Series B1 round led by Mitsui & Co., Ltd., with participation from existing investor Sun Life Hong Kong Limited.
With the latest funding, Bowtie hopes to scale its operations to fill Hong Kong’s US$886 billion protection gap and expand across Asia. It says it is developing a value-based healthcare model by partnering closely with healthcare providers.
Mitsui is one of the largest Japanese trading firms, and the largest shareholder in IHH Healthcare Berhad, which is one of the world’s largest private healthcare services networks.
Since its launch in 2019, Bowtie has provided over US$3 billion of insured value to families, protecting over 40,000 customers. Bowtie ranks number one in terms of the number of policies with premiums for the direct distribution channel, ahead of other established insurers and banks, the firm says, citing data from the city’s Insurance Authority.
Michael Chan, Bowtie co-founder and co-chief executive officer, says: “We are excited to partner with Mitsui to fundamentally redesign how customers navigate both the insurance and healthcare systems, improving the service quality while making it truly affordable.”
Koichiro Sato, CEO of MBK Healthcare Management (Hong Kong Branch), a subsidiary of Mitsui, adds: “This is our first investment in a health insurance company, which has long been the missing puzzle in our value-based healthcare ecosystem. We selected Bowtie for our shared vision of both making healthcare more accessible and affordable.”