It follows an $83m Series B funding round
The digital-first car insurance provider is now valued at $1.25bn
Founders Oliver and Alexander Kent-Braham follow Ismail Ahmed who became the first UK black founder of unicorn Zepz.
Marshmallow is the sixth European InsurTech to reach unicorn status since March 2021.
What does this mean?
While Insurtech and FinTech investment, in general, is booming, the sector is notorious for its lack of diversity with black people making up just 3% of the European VC and PE industry according to one report. Investments like the one in Marshmallow can help address that disparity.