International insurtech bolttech has welcomed leading impact investment firm LeapFrog Investments as a new strategic investor in an extension of its Series B round.
LeapFrog’s US$50 million investment adds to bolttech’s recent Series B funding round, now totalling US$246 million, the largest ever Series B round for an insurtech. bolttech will use the proceeds from the US$50 million commitment to support its global growth strategy, with a focus on emerging markets, as well as expanding its technology-enabled ecosystem for protection and insurance for emerging consumers. The proceeds will accelerate the company’s goal of enabling the insurance industry to close the US$1.8 trillion global protection gap.
Through the investment, bolttech and LeapFrog will work together to promote financial inclusion by improving access to essential and affordable insurance. LeapFrog’s extensive track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to this growing market, helping to build social and economic resilience by mitigating everyday financial shocks.
As part of the investment, bolttech will appoint Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team to its Board as a Non-Executive Director. Fernanda’s experience in adding value across LeapFrog’s portfolio of inclusive financial institutions around the world will support bolttech’s emerging market presence and business growth as well as guide the company’s efforts in developing a robust, long-term ESG strategy.