UK-based automotive insurance app developer Marshmallow has secured $85m in a series B round that included reinsurance group Scor, CNBC reported yesterday.
Asset manager Investec and venture capital firm Passion Capital filled out the participants in the round, and the cash was raised at a $1.25bn valuation.
Founded in 2017, Marshmallow has built a big data-equipped digital platform that helps immigrant drivers in its home country without a credit score buy affordable auto insurance.
The company has more than 100,000 customers and intends to introduce additional products and expand into other European markets.
Marshmallow had completed a $30m series A round featuring Outrun Ventures and unnamed other investors in November 2020 at a $310m valuation. Investec and Passion Capital backed its $1.2m seed round in 2018.
Oliver Kent-Braham, Marshmallow’s CEO and co-founder, told CNBC: “We try to use more data than our competitors to underwrite people and then to digitise everything.
“We need to hire about half what our competitors need to hire to support customers. We believe we are really well placed to take market share.”
