InsurTech startup Marshmallow has collected $30m in a new round to better determine risk for car insurance policies.
However, the investors behind the Series A raise remained anonymous.
The startup, founded in 2018, will use the money to scale the venture, focusing particularly on diversity and inclusion, with the plan being to launch in further countries, and more types of insurance, in the next 18 months, according to a TechCrunch report.
The company is now apparently worth $310m.
The news of Marshmallow’s round comes as funding in the InsurTech industry doubled in the third quarter of 2020. The industry raised a three-quarter high of $2.4bn between July and October, according to FinTech Global’s research.
That was up from the $900m raised in the first quarter and the $1.2bn injected into the industry in the second. The spike was due to a return of huge rounds such as Bright Health’s $500m cash injection, Ki Insurance’s $500m round and Next Insurance’s $250m investment.
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