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Digital Insurer Carrot General Insurance raises $250 million at over $850 million valuation

by Babu Patil
Digital Insurer Carrot General Insurance raises $250 million at over $850 million valuation

Carrot General Insurance (Carrot), a South Korean digital insurance carrier, secured fresh funding of $250 million at over $850 million valuation.

Affirma Capital led the round with the participation of existing investors. Carrot closed the initial funding of $145 million last week, and the remaining $105 million will be raised through the extended round during Q4 this year.

Established in 2019, Carrot was formed by groups of companies from the fields of insurance, financials, technology, and auto, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments, to advance outdated insurance and deliver insurance that is fair and reliable through the use of technology. 

Richard Moon, the recently named new CEO of Carrot, said, “I am delighted to welcome our new investors and thank our existing shareholders for their continued support and confidence in Carrot. We have made very significant milestone while keeping the J-curve growth at even a faster pace, which I believe is driven by surging demand for simple and innovative insurance products to meet evolving customer needs in today’s world.” 

Carrot has 100+ national & international partnerships, including the South Korean government unit that oversees national highways and traffic controls.

“Our big focus will be on agile and open innovation, which will speed up product development and technological innovation to fast-forward the future of insurance,” Richard Moon added.......