Pioneering virtual insurer Bowtie, a proud member of the Cyberport community, recently achieved a significant milestone by successfully concluding a Series B2 funding round. Led by main investor Sun Life Hong Kong Limited with participation by Mitsui & Co., Ltd, the session raised a total of US$34.9 million.
The funding result demonstrates the investors’ unwavering confidence in Bowtie’s groundbreaking business model, its exponential growth, and the company’s competitive digital health insurance offerings.
From its user base of over 100,000 customers, Bowtie currently generates yearly revenue equalling US$25 million. In addition to providing Voluntary Health Insurance Scheme, critical illness, and other popular insurance products directly to consumers, the company has made significant strides in group medical plans and wellness solutions. All told, Bowtie extends excellent service to more than 500 small and medium-sized enterprises and technology-embracing companies across multiple industry sectors.
Additionally, Bowtie is building a modern clinic and launching products with hospitals and wellness partners to provide preventive care. This will be a vital component of a value-based healthcare ecosystem and is the solution to fostering a more sustainable and resilient healthcare system for Hong Kong.
The new funding will enable Bowtie to expand its operations and technologies and address Hong Kong’s substantial protection gap, estimated to be US$886 billion. The fresh capital will also help accelerate product innovation and invigorate vertical integration with healthcare providers. For Bowtie, it is an opportunity to elevate the customer experience, strengthen accessibility, increase affordability, and improve protection.
