Marshmallow, a London, U.K-based Insurtech firm that uses a proprietary pricing algorithm to lower insurance prices for these groups, raised $85 million in a Series B round valuing the company at $1.25 billion.
Existing investors Passion Capital, Investec Bank, and reinsurer SCOR participated in the round.
The Series B funds use to further expand the disruptive brand across Europe and grow its motor insurance market share in the UK.
Company: Marshmallow Financial Services Limited
Raised: $85.0M
Round: Series B
Funding Month: September 2021
Lead Investors:
Additional Investors: Passion Capital, Investec Bank, and reinsurer SCOR
Company Website: https://www.marshmallow.com/
Software Category: Insurtech
About the Company: The firm, founded in 2018 by identical twins Alexander and Oliver Kent-Braham, along with David Goate, now has more than 100,000 customers. As a licensed insurance carrier powered by technology, the firm seeks to renovate the insurance industry by offering customers who fall outside the typical ‘good risk’ profile, a fairer and faster service, via the utilization of data and artificial intelligence (AI). Being one of the only EU-based insurtech to own their own insurance company - they have total control of the entire value chain, from sign-up and pricing through to claims affording them the unrivaled ability to deliver an exceptional customer experience.
Source: https://www.finextra.com/newsarticle/38790/marshmallow-announces-series-b-funding-round
https://businesscloud.co.uk/insurtech-marshmallow-uks-first-black-owned-unicorn/