Motor insurer Marshmallow becomes first British Black-founded unicorn
September 8, 2021, 5:53 am

Motor insurer Marshmallow becomes first British Black-founded unicorn

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The Hummingzone reported according to Reuters, digital motor insurer Marshmallow has raised $85 million from traders, valuing it at greater than $1.25 billion and making it the first British Black-founded unicorn.

The early-stage funding spherical was backed by enterprise capital agency Passion Capital, Investec Bank and reinsurer SCOR, Marshmallow stated in an announcement.

The tech-focused insurer will use the funding to develop into abroad markets and into different kinds of insurance coverage past the motor section, Chief Executive Oliver Kent-Braham instructed Reuters.

“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.”

Insurtech, a fast-growing section of the monetary expertise, or fintech, trade, has benefited from investor curiosity in startups, with the standard insurance coverage trade thought-about sluggish to vary and to undertake expertise.

Global insurtech funding exploded to $7.4 billion within the first half, making 2021 a document funding 12 months already by July, in response to a report from insurance coverage dealer Willis Towers Watson (NASDAQ:).

Motor insurers have benefited from the coronavirus pandemic, as fewer vehicles on the roads attributable to authorities lockdowns have led to fewer claims.

Marshmallow was based in 2017 by Kent-Braham, his twin brother Alexander Kent-Braham and David Goate.

It has expanded its workers by greater than 200% prior to now 12 months to round 170 individuals, and likewise plans to make use of its funding to rent 400 extra over the subsequent two years.

Insurance and expertise are each sectors usually missing in range, however Kent-Braham stated the agency was near 50:50 by way of its male-female break up, together with feminine software program engineers. Nearly 20% of staff had been Black or from different ethnic minorities.

Marshmallow underwrites its personal insurance coverage, and is dealing with authorized motion from its former underwriter Mulsanne. Kent-Braham stated the case was ongoing, however that Marshmallow strongly refutes all of the allegations.

The firm’s Series B funding spherical follows a $30 million Series A spherical in Nov 2020, which valued the corporate at $310 million. Passion Capital, Investec and SCOR are all present traders in Marshmallow.

Source: hummingzone

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”