Bowtie, the first company to receive virtual insurance licenses in Haung, raised .6 22.6 million (SG $ 30.4 million) in a B1 funding round led by Mitsui & Co. with the participation of current investor Sun Life Hong Kong.
Mitsui is one of Japan’s largest commercial enterprises and one of the largest shareholders in IHH Healthcare, one of the largest private healthcare networks in the world. According to Bouti, Mitsui’s investment will boost its Asian footprint and ambition to co-develop quality-based healthcare in the region.
Since its launch in 2019, Bowtie has paid more than ,000 3 billion in insured value to more than 40,000 customers, making it one of the largest direct insurers in Hong Kong. With the latest investment, Bowtie said it is looking to expand Hong Kong’s US $ 886 billion security gap, expand its operations across Asia and work closely with healthcare providers.
“By partnering with Mitsui, we are fundamentally redesigning how customers operate in both insurance and healthcare systems, improving the quality of service and making it truly affordable,” said Michael Chan, co-founder and co-CEO of Bouti.
“This is our first investment in a health insurance company, which has long been a missing puzzle in our value-based healthcare ecosystem,” said Koichiro Sato, CEO of Mitsui’s subsidiary MBK Healthcare Management. “We have chosen Bouti for our shared vision of making healthcare more accessible and affordable. Bowtie is one of the most promising Insertech startups in Asia with an ambition to disrupt health insurance through modern technology.