Sumitomo Corporation joins bolttech's USD 147m Series C
bolttech, the fast-growing global insurtech, announced the addition of Sumitomo Corporation, one of Japan’s largest trading houses, and Iberis Capital, a leading private equity and venture capital manager in Portugal, as strategic investors. Their participation marks the successful close of bolttech’s Series C funding round, with shares acquired by Series C investors in the amount of US$147 million, reflecting a company valuation of US$2.1 billion.
In addition to Sumitomo Corporation becoming a strategic investor, the company has entered a joint venture with bolttech to deliver embedded insurance programmes and complementary end-to-end services for partners in Asia.
The technology-enabled embedded solutions will enable distribution partners to provide end-to-end device lifecycle management services, such as device upgrade, enhancing their ability to offer seamless and comprehensive solutions to customers in the region.
With smartphone prices rising and penetration increasing in emerging markets, the global demand for device protection services is on the rise. This trend is particularly pronounced in South Asia and Southeast Asia, where the demand for affordable, high-performance used smartphones is growing, driven by the growing proportion of young consumers. With the market for device protection expected to grow faster than the global average, there is a growing need for technology-driven device insurance and protection solutions.
The partnership will kick off with a launch in Southeast Asia focusing on a device upgrade programme, leveraging bolttech’s distribution capabilities and Sumitomo Corporation’s vast network of financing and guarantees capabilities.
Sumitomo Corporation and Iberis Capital join Dragon Fund, Baillie Gifford, Generali’s Lion River, and other investors in bolttech’s Series C funding round closing. This investment will enable the company to enhance its platform’s capabilities and accelerate its global growth strategy, to make insurance more personalised, accessible, affordable, and convenient for customers.
