SINGAPORE-HEADQUARTERED insurance technology (insurtech) startup bolttech bagged US$50 million from impact investor LeapFrog in an extended Series B round.

Together with the US$196 million raised from Japanese insurance group Tokio Marine, global insurance provider MetLife and Malaysia’s sovereign wealth fund Khazanah Nasional, the new investment brought the total Series B funding to US$246 million.

bolttech said in an announcement on Thursday (Sep 21) that it will use the additional US$50 million to support its global growth strategy, with a focus on emerging markets.

The insurtech startup also plans to enhance its technological capabilities, and to expand its ecosystem protection for the consumers.

With LeapGrog coming in as a new strategic investor, bolttech will appoint Fernanda Lima, partner and co-head of LeapFrog’s Asia financial services team, as a non-executive director.

Lima’s experience on global inclusive financial institutions will support the three-year-old company in navigating emerging markets and developing a long-term ESG strategy, said bolttech.

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bolttech expects to gain from LeapFrog’s experience with tech-enabled insurance businesses in Africa and Asia, which will help to target its products to this growing market.

Group chief executive officer of bolttech Rob Schimek highlighted the importance of LeapFrog’s investment amid a challenging industry environment.

“We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need,” he said.