Singapore-based insurance technology start-up bolttech has raised US$196 million in a Series B funding round, raising its valuation to US$1.6 billion.

The latest investment was led by Tokio Marine, a pioneer in Japan’s insurance industry with a 140-year history. Other key investors include global life insurer MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.

Proceeds of the fundraise will be used to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers, and talent. The funds will also be used to explore non-organic opportunities to accelerate its growth across more than 30 markets worldwide.

The insurtech firm describes itself as a global B2B2C insurtech that connects insurers with distributors and their customers. It has licences to operate across Asia, Europe and the United States.

The company boasts about US$55 billion worth of annualized premiums, connecting 700 distribution partners with more than 230 insurance providers and offering in excess of 6,000 product variations.

According to a Gallagher report, mega-round funding (US$100 million or above) for the global insurtech sector is at its lowest level since the first quarter of 2020. As such, bolttech says, the result of its latest funding round is “a resounding validation of [the firm’s] leadership, innovative business model, and unique value proposition in shaping the future of insurance”.