Based in London, England, Marshmallow is a full-stack insurance carrier driven by technology. It has raised US$ 85 million in Series B funding round from financial backers such as Alongside, Passion Capital, Investec, Scor and other undisclosed investors on Tuesday, September 7 2021. With this latest venture, the valuation of the insurance firm now stands at a total of US$ 1.25 billion, making it the first-ever British Black-founded unicorn, revealed Marshmallow.
Growing at a swift pace, the insurtech stood on a total valuation of US$ 310 million, nearly less than a year ago, increasing 4x to date. In the period of less than six months, the platform has sold more than 100,000 policies in the nation with a growth rate of 100%.
The last few months have also witnessed a 200% increase in staff recruitment with 170 people in the Marshmallow’s team, aiming to double it in the following 24 months.
The five-year-old company will use the latest capital acquired to jot closer to its plan to expand to markets outside the UK Marshmallow pronounced international expansion in its last venture round but has yet to announce which markets it will seek to undertake first.
Co-founder and Chief Executive of Marshmallow, Oliver Kent-Braham, stated, “We’re looking across to Europe now; that’s a huge market to go after. In the UK, we are looking at other personal lines.”
What the Investor has to say
Partner at Passion Capital, Eileen Burbidge, said in a statement, “The traction the team has achieved demonstrates the demand for a new kind of insurance provider, one that focuses more on consumer experience and uses the latest technology and data to give fair prices. We’ve been proud to support the team’s ambitions since the start and now look forward to its next chapter in Europe as it continues its mission to change the industry for the better.”
Co-founded by twin brothers Alexander Kent-Braham, Oliver Kent-Braham and David Goate in 2017, Marshmallow is an insurtech. Being one of the only EU based insurtechs to own their own insurance company – they have total control of the entire value chain, from sign-up and pricing to claims affording them the unrivalled ability to deliver an exceptional customer experience, operating in an archaic industry worth trillions of dollars. Marshmallow started by doing car insurance in the UK but will offer multiple insurance products in various geographies – all driven by technology. They have raised over $100m to date from top tier investors to date. For more information, visit https://www.marshmallow.com/.
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