Hong Kong-based Bowtie Life Insurance Company has secured $70m (HK$549.49m) in its Series C funding round led by Sun Life Hong Kong.
The virtual insurer reported annual recurring revenue (ARR) of $80m on a year-over-year basis, Bowtie said.
In a LinkedIn post, the company insurer said it registered more than 100% growth year-over-year, exceeding $80m in ARR, and aims to reach $100m by the end of the year.
The insurer plans to use the funding to support its growth in the medical insurance sector and expand its preventive healthcare services.
Bowtie co-founder and CEO Michael Chan said: “Sun Life’s continued partnership reinforces Bowtie’s position as a mission-driven insurer, leveraging technology to better serve customers through simple and transparent products in a friendly digital setting.
“Going forward, Bowtie will continue to benefit from Sun Life’s strong capital base and shared purpose of helping clients achieve lifetime financial security and live healthier lives.”
Since its establishment in 2018, Sun Life has been investing in all the funding rounds of Bowtie, increasing its equity stake.
Bowtie will continue operations under the existing leadership team and remain an associated company of Sun Life with its own brand identity.
Sun Life Hong Kong CEO Clement Lam stated: “Sun Life has been a long-term, committed partner to Bowtie for almost seven years. We are very pleased to strengthen this partnership to support the next phase of growth.
“Through our collaboration with Bowtie, we are combining cutting edge technology with deep insurance expertise, to set standards in delivering meaningful and innovative transformation within the Hong Kong health insurance industry.”
To date, Bowtie has secured more than HK$1bn in funding from investors including Sun Life Financial and Mitsui & Co.
“Hong Kong’s Bowtie Life Insurance raises $70m in Series C round ” was originally created and published by Life Insurance International, a owned brand.
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