Marshmallow Series-A

This is the Marshmallow pitch deck to raise a $30m series-a round in 2020.

About

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 through 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 multiple geographies – all driven by technology.

They have raised over $100m to date from top tier investors.

In the past 10 years, less than 1% of total venture funding in the UK went to Black entrepreneurs, according to data from Extend Ventures.

The situation is shocking, according to Oliver Kent-Braham, the cofounder of Marshmallow, an insurance startup that’s just raised $30 million in fresh funding. Kent-Braham founded Marshmallow alongside his brother Alexander in 2018.

Only 38 Black and minority ethnic founders have raised VC investment in the UK in the past decade, per Extend Ventures, suggesting that the brothers account for 5% of the total raised.

“There are so few Black VCs, role models, founders so in a way the figures aren’t surprising,” Oliver Kent-Braham told Business Insider. “Since Black Lives Matter, we’ve had a chance to reflect and we want to be role models for VCs to back other Black entrepreneurs.”

Founded in 2018, Marshmallow provides insurance products via proprietary pricing algorithms and specializes in auto insurance. The startup also provides car insurance products to foreign drivers in the UK, including immigrants and expats.

Its funding round comes from two new unnamed investors, one a prominent VC fund and the other a financial institution. The company said its valuation is now more than $300 million, having previously raised a $1.2 million seed round led by Passion Capital.

Kent-Braham said that after an initial lockdown-related blip in March and April, car usage has spiked in the UK with people unwilling to take public transport during the coronavirus pandemic. The funding round, which took place entirely on video calls, began in late June before closing in late October.

The funding will go towards hiring talented data scientists and engineers for the team, Kent Braham said. The company is also exploring an expansion in product lines and potentially geography in the near future.

“Funding rounds are great validation,” Kent-Braham added. “We’re excited to look to the future and be role models.”

Funding Rounds

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