In a significant development in the insurtech sector, the international company bolttech has welcomed the leading impact investment firm LeapFrog Investments as a strategic investor in an extension of its Series B funding round. With LeapFrog’s US$50 million investment, the total funding for the round now amounts to an impressive US$246 million, making it the largest ever Series B round for an insurtech. This investment highlights the confidence and support that LeapFrog places in bolttech’s innovative approach to insurance and its potential for growth.
Overview of LeapFrog’s investment
LeapFrog Investments’ US$50 million investment in bolttech signifies not only a strong vote of confidence in the company but also a significant injection of capital that will fuel its strategic plans. With this investment, LeapFrog solidifies its position as a key player in supporting insurtech innovation and contributing to emerging market growth.
Use of Proceeds
The proceeds from LeapFrog’s investment will play a pivotal role in supporting bolttech’s global growth strategy. The focus will be on expanding into emerging markets and creating a technology-enabled ecosystem that provides access to protection and insurance for consumers in these regions. By utilizing the $50 million commitment, bolttech aims to strengthen its presence in untapped markets and enhance its capabilities to cater to the unique needs of emerging consumers.
Closing the global protection gap
One of bolttech’s key objectives is to help close the global protection gap, which currently stands at a staggering US$1.8 trillion. The additional funding from LeapFrog will accelerate the company’s pursuit of this goal. By leveraging technology and innovation, bolttech aims to bridge the gap by providing tailored and affordable insurance solutions to individuals and communities across the globe.
Bolttech’s ecosystem and market presence
A driving force behind bolttech’s success is its leading ecosystem that connects consumers with tailored insurance products. Through partner platforms, bolttech operates in over 30 markets across three continents, offering a wide range of insurance options. This extensive market presence positions bolttech as a global player in the insurtech industry, primed for further expansion with the support of LeapFrog’s investment.
Customer Base and Offerings
With more than two million emerging consumers benefiting from its services, bolttech’s commitment to meeting the needs of this growing market segment is evident. The company’s device protection offerings have garnered significant popularity among these customers, providing efficient and affordable coverage for their valuable assets.
Promoting Financial Inclusion
The collaboration between bolttech and LeapFrog extends beyond financial investment. Together, they are focused on promoting financial inclusion by improving access to essential and affordable insurance. By combining bolttech’s innovative approach with LeapFrog’s expertise in inclusive finance, the partnership aims to empower individuals and communities around the world, ensuring they have the protection they need.
Appointment of Fernanda Lima to the board
As part of the investment, bolttech will welcome Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team, to its Board as a Non-Executive Director. Lima brings a wealth of experience in adding value to LeapFrog’s portfolio of inclusive financial institutions worldwide. Her expertise will bolster bolttech’s presence in emerging markets and guide the company’s efforts in developing a robust, long-term Environmental, Social, and Governance (ESG) strategy.
Support for Business Growth and ESG Strategy
Fernanda Lima’s appointment to the Board signifies the strong commitment that bolttech and LeapFrog have towards driving sustainable and responsible growth. Her experience in developing inclusive financial solutions will be instrumental in shaping bolttech’s emerging market presence and business growth. Additionally, she will play a vital role in guiding bolttech’s efforts in formulating a comprehensive ESG strategy that aligns with the company’s mission and values.
With LeapFrog Investments’ strategic investment, bolttech is well-positioned to pursue its vision of connecting people worldwide with more ways to protect the things they value. The infusion of capital will enable the company to expand its global footprint, enhance its technology-enabled ecosystem, and play a vital role in closing the global protection gap. Moreover, with Fernanda Lima’s expertise and guidance, bolttech will continue to prioritize financial inclusion, sustainability, and responsible business practices. The partnership between bolttech and LeapFrog sets the stage for transformative growth, bringing innovative insurance solutions to underserved markets and fostering resilience among individuals in the face of unforeseen events.