(Bloomberg) -- Bolttech, an insurance technology unicorn backed by Hong Kong billionaire Richard Li, is considering raising $200 million to $300 million in fresh funds this year, according to people familiar with the matter.

The Singapore-based company is working with financial advisers and a formal funding round may kick off later this year, the people said, asking not to be identified because the information is private. It plans to use the proceeds for expansion, they said.

Considerations are preliminary and details such as fundraising size could change, the people said, adding that the startup could also weigh a potential listing in the U.S. or Asia in the future.

A representative for Bolttech declined to comment.

Bolttech raised $247 million from investors including Activant Capital Group in a series A round late last year, according to the company. Singapore-based investment firm EDBI and Spain’s Mundi Ventures through its Alma Mundi Insurtech Fund also participated in the round. The company was launched in 2020.

Led by Chief Executive Officer Rob Schimek, Bolttech is a cloud-based technology platform connecting insurers, distributors and customers to make it easier to buy and sell insurance and protection products, according to its website. It serves more than 8.3 million customers across North America, Asia and Europe.

©2022 Bloomberg L.P.