Carrot General Insurance, a Seoul, South Korea-based digital insurance carrier, raised US $250M in third funding at a valuation of Over US $850M.
The round was led by Affirma Capital with participation from Hanwha Group, Stic Investments, and Altos Ventures.
The round will be raised across two connected rounds with wide participation of existing investors. Carrot has closed the initial funding of US $145 million past week and the remaining US $105 million will be raised through the extended round during Q4 this year.
The new share distribution will now give Hanwha 50.6% of voting power, 7.8% for SK Telecom, 3.9% for Tmap Mobility, Hyundai Motor Group 2.7%, Altos Ventures 10.2%, Stic Investments 15.5% and Affirma 9.2%; although the stakes may be adjusted as the extended round closes later current year.
The company intends to use the funds to strengthen its position as a pioneer in the existing market, accelerate its advancement of tech capacity and expansion of in-house pipelines, as well as external open innovation activities.
Established in 2019, and led by Richard Moon, CEO, Carrot General Insurance Corp. is a fully-licensed digital insurance carrier with transparent premiums, AI automated accident registration and prompt dispatch of help services made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer’s driving patterns and behavior through sensor data analytics. Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.
FinSMEs
09/09/2022