Insurtech bolttech has closed its Series C funding round, securing US$147m in total investment, reflecting a company valuation of US$2.1bn.

The latest participants include Sumitomo Corporation, one of Japan’s largest trading houses, and Iberis Capital, a Portuguese private equity and venture capital firm. Both join existing Series C investors Dragon Fund, Baillie Gifford and Generali’s Lion River.

Sumitomo Corporation has also entered a joint venture with bolttech to deliver embedded insurance programmes and end-to-end services across Asia.

“We are thrilled to join forces with bolttech – both as a strategic investor and through our joint venture,” said Shinichi Kato, group CEO of the media and digital group at Sumitomo Corporation. “We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region.”

bolttech said the funds will be used to enhance its technology platform and accelerate its global expansion.

“We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C,” said Rob Schimek, group chief executive officer, bolttech. “This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide. We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.”

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