HONG KONG, October 19, 2021 – Bowtie, Hong Kong’s first virtual insurer, today announced the signing of a US $22.6 million Series B1 round led by Mitsui & Co., Ltd. (“Mitsui”), with participation from existing investor Sun Life Hong Kong Limited.
Mitsui is 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. The investment by Mitsui fuels Bowtie’s ambition to scale across Asia and co-develop value-based healthcare in the region.
Since its launch in 2019, Bowtie has provided over US $3 billion of insured value to families, protecting over 40,000 customers. Bowtie ranks number one in the direct channel in Hong Kong ahead of other established insurers and banks1.
With its latest funding round, Bowtie has its eye on scaling its operations to fill Hong Kong’s US $886 billion protection gap2, expanding its operations across Asia and developing a value-based healthcare model by partnering closely with healthcare providers.
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”.
Koichiro Sato, CEO of MBK Healthcare Management (Hong Kong Branch), a subsidiary of Mitsui, said, “This is our first investment in a health insurance company, which has long been the missing puzzle in our value-based healthcare ecosystem. We selected Bowtie for our shared vision of both making healthcare more accessible and affordable. Bowtie is one of the most promising insurtech start-ups in Asia with the ambition to disrupt health insurance through modern technology”
Clement Lam, CEO of Sun Life Hong Kong Limited, said “Bowtie has grown tremendously since its inception. We are aligned with Bowtie’s mission and vision in covering the protection gap across Asia, and we are proud to continue our investment into Bowtie on its journey”.
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”.
The Bowtie Life Insurance Company Limited is an authorized life insurance company and Hong Kong’s first virtual insurer. Its vision is to bridge the health protection gap and transform the way people access healthcare in Asia. By combining modern technology and medical expertise, Bowtie offers an agent-free, commission-free and convenient online platform for customers to quote, apply and claim for health insurance plans anytime anywhere. Bowtie is backed by Mitsui & Co, Sun Life Financial and supported by leading international investors. Stay up to date at www.bowtie.com.hk
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 64 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has over 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries. Mitsui has investments and operations in the healthcare field including IHH Healthcare Berhad, which operates over 80 hospitals and over 15,000 hospital beds across 10 countries, PHC Holdings Corporation and DaVita Care Pte Ltd, and more.
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2021, Sun Life had total AUM of CAD$1,360 billion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited (Incorporated in Bermuda with limited liability) is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.
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