Marshmallow: From A to Series B - Now Officially a Unicorn!

First published September 2021 The rumours were true 🦄 We're the UK’s latest tech unicorn, valued at over $1.25bn! We’ve raised $85m in our Series B round, taking the total amount we’ve raised in the last 12 months to over $100m.

But how does this news impact our future? Here’s what you need to know…

🚀 Levelling up our mission

From the start, our aim was to shake up the outdated insurance industry. And we’ve done just that. Using technology, data and AI, we’ve built innovative products that make insurance cheaper, faster and fairer for everyone. Especially underserved communities.

But with this additional funding, we have the chance to take on an even bigger challenge.

We’re living through tough times, with the cost of living (especially driving) rising to an all-time high. We want to do what’s best for our customers, and that means helping them get the insurance they need at a price they can afford.

To achieve this mission, we’ll continue to improve the motor insurance industry by offering new products and services to more and more customers. But we’ll also expand into other insurance product lines and into other markets across Europe.

Does this sound like a mission you want to be part of? Check out opportunities at Marshmallow here.

👨‍💻 Solving the challenges ahead

We don’t think small here at Marshmallow. We know what can be achieved when you’ve got the right people, the right ways of working and the right data.

The road ahead involves building a lot of never-before-seen products from scratch. Luckily, our ways of working are geared towards our new company goal.

We put engineers at the heart of the solution. They’re involved in all of our product builds from day one, solving lots of big problems so that we can build fast and scale up. Every product team is actively pushing our codebase forward.

We champion innovation. If it’s already been done, we’ll do it better. If it hasn’t been done, we want to be the first to do it. Our people are product-focused and see every challenge as a chance to put their problem-solving skills to the test.

We encourage autonomous working. Each of our product teams set their own direction, ways of working, and roadmap to help deliver against the overall company mission.

We ship fast. Disrupting an industry means moving quickly to create never-before-seen products. So, we ship fast and iterate regularly.

We measure everything. Data matters to us. We use our findings to choose what problems to work on and how to solve them.

Unlike most insurance companies, our team is already made up of people predominantly working in product-building and engineering.

But, over the next 2 years, we want to hire even more talented and ambitious people who are driven by our bold mission. From being less than 100 at the start of 2021, we now need to hire 400 new people over the next 2 years.

Our focus will be on hiring the best-in-tech. We need help to build pioneering products using solutions that don’t even exist yet. If this sounds like the sort of challenge that’d get you out of bed every morning, make sure to check out our job opportunities here.

📊 Our journey to unicorn status in stats

• 89,760,219 quotes provided across 5 comparison sites
• 607,004 lines of java
• 117,813 live customer chats since December 2019
• 111,129 lines of javascript
• 100,000+ policies sold
• 63,779 PRs across 247 repositories reviewed by 49 engineers
• 62,028 lines of python
• 19,640 deployments to production
• 5,949 Trustpilot reviews with 82% rated Excellent
• 200% increased headcount in the last 6 months
• 92% of Marshmallowers agreed or positively agreed that people make time to support each other at work (Engagement Survey 2021)
• 90%+ Customer Happiness emails responded to within 1 day
• 82 microservices currently deployed in production
• 4.6* Trustpilot score

It’s an exciting time for us, and we have to thank all of our Marshmallowers for getting us this far! We wouldn’t be a unicorn without their exceptional talent and hard work 👏

We can’t wait to launch this next chapter, using our unicorn status to disrupt the insurance industry for good. Keep watching this space 👀

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