Bowtie has completed a Series C funding round of up to US$70 million, led by Sun Life Hong Kong Limited, marking the largest investment in a direct-to-consumer digital health insurer in Asia.
The virtual insurer, which launched as Hong Kong’s first digital-only insurance company, said the funding will support its objectives to secure a top-five position in Hong Kong’s medical insurance market, based on new medical insurance customer. It also plans to scale preventive healthcare initiatives and expand into international markets.
Currently, Bowtie ranks first in the direct channel for insurance sales in the SAR and holds the ninth position across all distribution channels for new individual non-single premium policies sold. The company has achieved over US$80m in annual recurring revenue with more than 100% year-over-year growth, putting it on track to exceed US$100m in annual recurring revenue in 2025.
“Bowtie is simultaneously achieving larger scale and faster growth, which validates our unique business model and reflects the public’s strong trust in our commitment to treating customers fairly,” said Michael Chan, CEO and Co-Founder of Bowtie.
” 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,” Chan added.
Sun Life added that the investment in Bowtie supports its own broader strategic objective of partnering with innovative digital companies to improve access to insurance.
“By partnering with Bowtie, we are merging advanced technology with extensive insurance expertise to set new standards for meaningful and innovative transformation in Hong Kong’s health insurance industry,” Clement Lam, CEO of Sun Life Hong Kong Limited, added.
Both companies have demonstrated commitment to innovative health solutions, with Bowtie recently launching specialised critical illness cover for children and pregnant women, while Sun Life continues its regional health promotion efforts through initiatives like the Hoops + Health programme across Asia.
