Insurance technology company bolttech has raised US$246 million in a Series B funding round, with impact investor LeapFrog Investments becoming its latest strategic investor after a US$50 million commitment. It is the largest-ever Series B funding round for an insurtech, bolttech says.

Proceeds from the fundraise will support the firm’s global growth strategy, with a focus on emerging markets, and expansion of its technology-enabled ecosystem for clients.

The company connects tailored and affordable insurance products to consumers via partner platforms in more than 30 markets across three continents. Its customers include more than two million emerging consumers, or those living on less than US$11.20 a day in PPP (purchasing power parity) terms.

It provides various services such as device protection offerings. In markets such as the Philippines, Vietnam and Indonesia, devices are an important insurable asset that can help unbanked and underbanked consumers to access financial services at a lower cost, enable telemedicine services, and increase employment opportunities. Many other devices, and even climate solutions such as solar panels, require insurance and financing to be accessible.

As part of the deal, bolttech will appoint Fernanda Lima, partner and co-head of LeapFrog’s Asia financial services team, to its board as a non-executive director.

Lima will support bolttech’s emerging market presence and business growth as well as guide its efforts in developing a robust, long-term ESG strategy.

“Bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets,” Lima says. “There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa.”