- Companies
- Carrot General Insurance
Carrot General Insurance Valuation, Funding & Investors
Carrot General Insurance is valued at $850M as of September 2022.
Last Carrot General Insurance valuation
$850M
Undisclosed stage · Sep 2022
Last Carrot General Insurance funding round
$125M
Undisclosed stage · Sep 2022
Cumulative funding Carrot General Insurance raised
$213M
across 2 funding rounds
Key investors in Carrot General Insurance
Altos Ventures
STIC Investments
Hyundai
Affirma Capital
Hanwha
Hanwha Life Insurance
About Carrot General Insurance
Carrot General Insurance is a Toronto-based digital insurer offering usage-based auto policies and home insurance products in Ontario. The company uses telematics apps to assess driving behavior for personalized premiums and claims processing.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based
Valuation
$850M (Sep 2022)
Sectors
Carrot General Insurance Valuation
Carrot General Insurance is currently valued at $850M, based on its undisclosed-stage round in September 2022.
The $125M round was led by Affirma Capital, with participation from STIC Investments, Altos Ventures and Hanwha Life Insurance.
Carrot General Insurance valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2022 | Undisclosed stage | $850M |
Carrot General Insurance Funding History
Carrot General Insurance has raised a total of $213M across 2 funding rounds.
Carrot General Insurance's first fundraising round was a $87M undisclosed-stage round in July 2021. The most recent completed round was a $125M undisclosed-stage round in September 2022.
Carrot General Insurance funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Undisclosed stage | Affirma Capital (lead); STIC Investments; Altos Ventures; Hanwha Life Insurance | $125M | $850M | Carrot General Insurance, established in 2019 as South Korea's first fully-licensed 100% digital insurance carrier, was formed through a joint venture involving Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and STIC Investments. The company disrupts the insurance market with innovative, technology-driven products like pay-per-mile auto insurance, members-auto services rewarding safe driving via analytics, and AI-powered accident registration and dispatch. It has rapidly acquired customers for its usage-based insurance, accumulating approximately 300 million kilometers of driving data monthly, and by early 2024 had written over 1.7-2 million auto insurance policies while expanding into cross-selling, embedded insurance, pet, driver's protection, and home products. In August 2022, Carrot closed the initial portion of its third funding round, raising 175 billion KRW (US$145 million) led by Affirma Capital, with participation from existing investors including Hanwha Group, STIC Investments, and Altos Ventures. This followed a $90 million rights offering just over a year prior. The round was structured across two connected tranches, with an additional 125 billion KRW (US$105 million) planned for Q4 2022, totaling around US$250 million. Post-completion of the extended round, the company's valuation was set to reach 1 trillion KRW (US$850 million), positioning it close to unicorn status. The fresh capital aimed to strengthen market position, advance technological capabilities, expand in-house product pipelines, and pursue open innovation. Ownership post-initial close included Hanwha at 50.6% voting power, SK Telecom 7.8%, Tmap Mobility 3.9%, Hyundai Motor Group 2.7%, Altos Ventures 10.2%, STIC Investments 15.5%, and Affirma Capital 9.2%, subject to adjustment after the extended tranche. Carrot targeted break-even by 2024 and an IPO by 2025, emphasizing J-curve growth driven by demand for simple, innovative insurance products. Later developments included a December 2023 raise of 130 billion KRW (US$108 million) and international expansion, such as securing a behavior-based insurance project with Lippo General Insurance in Indonesia in 2024, licensing BBI technology, and partnerships with Hyundai Motor Group, Tmap Mobility, and Naver to evolve into a data-driven lifestyle platform. |
| Jul 2021 | Undisclosed stage | Hanwha; STIC Investments; Hyundai; Altos Ventures; T-Map Mobility | $87M | - | - |
Who has invested in Carrot General Insurance?
7 investors have backed Carrot General Insurance across its funding rounds, including Altos Ventures, STIC Investments, Hyundai, Affirma Capital, Hanwha and Hanwha Life Insurance.
Lead investors include Affirma Capital.
Carrot General Insurance Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jul 2021 | ||
| 2 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Lead | Sep 2022 | ||
This data is available for Pro users. Sign up to see all 7 Carrot General Insurance investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCarrot General Insurance Competitors
Carrot General Insurance competitors include listed companies like AtlantaSanad, Rímac Seguros, Hippo Insurance and REVO Insurance, and private ones like TypTap Insurance and Ladder.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $850M | 8.5x | ||
| Publicly listed | $667M | $59M | $846M | 1.2x | ||
| Publicly listed | $798M | $83M | $846M | - | ||
| Publicly listed | $469M | $84M | $844M | 1.2x | ||
| Publicly listed | $479M | $36M | $861M | 1.7x | ||
| Private | - | - | $900M | - |
Carrot General Insurance Public Comps
Carrot General Insurance is still privately-owned, but its public comps include AtlantaSanad, Rímac Seguros, Hippo Insurance, REVO Insurance, Sagicor, Bank of The RyukyusLtd, Employers Holdings, Abacus Global Management, Sukoon Insurance and AgeSA.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $667M | $59M | 1.2x | 1.2x | 13.0x | - | |||
| $798M | $83M | 1.1x | - | 10.2x | - | |||
| $469M | $84M | 1.4x | 1.2x | 7.8x | 23.6x | |||
| $479M | $36M | 1.8x | 1.7x | 23.9x | 1.9x | |||
| $2.3B | $420M | 0.4x | 0.3x | 2.0x | - | |||
| $433M | - | 2.0x | 1.7x | - | - | |||
| $859M | $16M | 1.1x | 1.1x | 56.0x | - | |||
| $235M | $106M | 5.2x | 4.5x | 11.4x | 8.1x | |||
This data is available for Pro users. Sign up to see all Carrot General Insurance competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Carrot General Insurance
| When was Carrot General Insurance founded? | Carrot General Insurance was founded in 2019. |
| Where is Carrot General Insurance headquartered? | Carrot General Insurance is headquartered in Seoul, South Korea. |
| Is Carrot General Insurance publicly listed? | No, Carrot General Insurance is a private, VC-backed company. |
| What is Carrot General Insurance's valuation? | Carrot General Insurance was last valued at $850M in its undisclosed-stage round in September 2022. |
| How much funding has Carrot General Insurance raised? | Carrot General Insurance has raised $213M across 2 funding rounds. |
| What was Carrot General Insurance's last funding round? | Carrot General Insurance's last funding round was a $125M undisclosed-stage round in September 2022, led by Affirma Capital. |
| Who are Carrot General Insurance's investors? | Carrot General Insurance's investors include STIC Investments, Altos Ventures, Hanwha, Hyundai, Affirma Capital, Hanwha Life Insurance and T-Map Mobility. |
| Which companies are comparable to Carrot General Insurance? | Companies comparable to Carrot General Insurance include TypTap Insurance, AtlantaSanad, Rímac Seguros, Hippo Insurance, REVO Insurance and Ladder. |
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