Marshmallow raises $85 million led by Hedosophia to disrupt insurance

Insurance startup Marshmallow has raised $85 million in fresh funding at a $1.25 billion valuation.

It is one of the UK's first Black-founded startups, run by twin brothers Oliver and Alexander Kent-Braham.Marshmallow, a London-based insurance startup, is the latest in a small club of Black-founded unicorns after theFounded by twin brothers and co-CEOs Oliver and Alexander Kent-Braham in 2017, Marshmallow provides insurance, particularly car insurance, and targets underserved customers such as immigrants and expats.

The company has raised $85 million in fresh funding from existing backers Passion Capital, Investec and Scor, and other unnamed investors., which also led Marshmallow's earlier Series A raise. Marshmallow declined to comment. "When we think back to four or five years ago there were no Black tech unicorns globally," Oliver Kent-Braham told Insider."It's crazy that it's taken this long but it's good for Europe now. We were encouraged to raise this round and our valuation reflects our impact and our significantly increased customer count in the past 18 months."

Zepz, formerly WorldRemit, recently closed a deal which valued the money transfer company at $5 billion, making it the first tech unicorn in the UK to be founded by a black person or person of black heritage.

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