HK insurtech firm Bowtie secures $30m Series A funding from Sun Life

Victoria Peak, Hong Kong. Photo by Florian Wehde on Unsplash

Insurtech company Bowtie Life Insurance Company Limited (Bowtie) has raised HK$234 million ($30 million) in its Series A round from insurance firm Sun Life Hong Kong Limited.

Alongside the funding, the company also announced that it received a virtual insurance company licence by Hong Kong’s Insurance Authority.

Bowtie is the first company to have been granted a virtual insurance licence by Hong Kong’s Insurance Authority under its Fast Track pilot scheme. The license will allow it to offer insurance protection directly to customers, without any insurance intermediaries.

“Our market research is telling us Hong Kong consumers would love to be able to sign up for health insurance and submit claims online, but the industry has not fully embraced digital technology to optimize the consumer experience. This is exciting because we get to reinvent the very structure of an insurance company and replace everything with modern technology,” said Bowtie Co-CEO and Co-founder Michael Chan.

Founded by Chan and fellow co-CEO and co-founder Fred Ngan in 2017, Bowtie has been garnering engineering talent from local and Silicon Valley technology startups, as well as industry leaders including former C-suite executives from major insurance companies.

Commenting on its investment in Bowtie, Sun Life Hong Kong CEO said: “As part of our digital transformation strategy, this is a strategic investment by Sun Life in a Hong Kong based start-up that strengthens our market position. Our investment complements our business, while enabling new distribution modes through the latest technology and digital innovations.”

The investment secured by Bowtie follows that of local competitor OneDegree. In September, the company announced it raised a HK$100 million ($13 million) Series A funding from a group of over 10 investors,

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.