The funding helps Marshmallow attain unicorn status at a valuation of $1.25B. Here are the top-line bullets you need to know.
Marshmallow, a car insurance provider, has raised $85M in a Series B. The round drew participation from Investec, Passion Capital, SCOR, and Hedosophia.
How’s the company performing?
- UK-based Marshmallow uses machine learning to personalize car insurance policies for customers – mainly expats, immigrants, and people traveling to the UK.
- The company currently caters to more than 100,000 customers.
- Marshmallow has sold 100,000 policies in the UK since its launch. The firm registered 100% growth over the last 6 months.
- The company’s team has increased by more than 200% to its current size of around 170 employees. It intends to recruit 400 more employees over the next 2 years.
Why does the market matter?
- The global insurtech market is projected to grow at a CAGR of 10.8% and reach a value of $10.1B by 2025, according to Mordor Intelligence.
- Global insurtech funding is shattering previous records. In the first half of 2021, insurtechs raised $7.4B — surpassing the $7.1B raised for all of 2020 by more than $300M.