Hong Kong’s virtual insurer Bowtie announced that it has raised a US$34.9 million Series B2 funding round led by main investor Sun Life Hong Kong and joined by Mitsui & Co., Ltd.

In October 2021, Bowtie had closed its US$ 22.6 million Series B1 round led by Mitsui with participation from Sun Life.

With the fresh funds, Bowtie said that it aims to expand its operations as well as accelerate its product innovation and vertical integration with healthcare providers to enhance customer experience.

Bowtie claims to be the first company authorised by Hong Kong’s Insurance Authority under its Fast Track Pilot Scheme.

The insurer added that its growth has led to the overall expansion of the online channel, contributing to a threefold increase in the direct channel market share of the insurance industry from 2.9% to 8.5%, according to the statistics by the Insurance Authority.

Michael Chan, Co-Founder and Co-CEO of Bowtie said,

“With annual recurring revenue of US $25 million and over 100,000 customers, we have demonstrated solid fundamentals in growth, brand, and customer value. We would like to express our gratitude to investors for their continued trust and support.

 

In today’s competitive business environment, investors not only seek top-line growth from startups but also a clear path to profitability, which makes our achievements even more precious.”