Carrot General Insurance eyes unicorn status in Korea

Affirma Capital has taken Carrot General Insurance to new highs, leading a $250 million raise for the digital motor insurer. The first batch of funding worth $145 million was finalised last week with the remaining $105 million to come via an extended round during the last quarter of 2022. 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.” He continued, “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.”