EDBI, the investment arm of Singapore's Economic Development Board, has joined the extended Series A round of bolttech, an insurtech startup linked to Hong Kong's Pacific Century Group.

On Tuesday, bolttech announced it had extended its recently-announced US$180 million Series A funding round, led by Activant Capital Group, bringing the series total to US$210 million. The new investors added in the extension are EDBI and Spain-based Alma Mundi Insurtech Fund.

Started in 2020 with PCG as its founding shareholder, bolttech operates a platform for insurers, distributors and customers to buy and sell insurance and protection products. It serves over 7.7 million customers in 26 markets across North America, Asia and Europe.

bolttech will use the fresh capital to strengthen its presence in South-east Asia, Europe and its other existing markets. It hopes to accelerate international growth, said its chief executive Rob Schimek.

Chu Swee Yeok, chief executive and president of EDBI, said that the investor "looks forward to partnering Rob and his team to strengthen their innovation hub in Singapore and support the growth of their businesses in the region".

In July, bolttech announced that it had hit unicorn status with its US$180 million Series A fundraise.

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