Hong Kong’s virtual insurer Bowtie announced the closing of a US$ 22.6 million Series B1 round led by Mitsui, with participation from existing investor Sun Life Hong Kong.
Mitsui is said to be one of the largest Japanese trading firms, and the largest shareholder in IHH Healthcare Berhad, which is one of the world’s largest private healthcare services networks.
With its latest funding round, Bowtie has its eye on scaling its operations and expanding across Asia as well as developing a value-based healthcare model by partnering closely with healthcare providers.
Since its launch in 2019, Bowtie said that it has provided over US$3 billion of insured value to families, protecting over 40,000 customers.
Michael Chan, Co-CEO and Co-Founder of Bowtie said,
“We are excited to partner with Mitsui to fundamentally redesign how customers navigate both the insurance and healthcare systems, improving the service quality while making it truly affordable”.
Fred Ngan, Co-CEO and Co-Founder of Bowtie said,
“Bowtie has grown 10x over the past year. This funding round is a testament to our team’s ability to prove Hong Kong’s digital insurance market. We look forward to accelerating this journey across Asia”.
