Carrot General Insurance, founded in 2019 and based in Seoul, is South Korea's first fully-licensed 100% digital insurance carrier. It offers technology-enabled products including pay-as-you-drive usage-based auto insurance, AI-automated accident registration, sensor-data analytics for premiums, and rapid help dispatch through proprietary systems. The company has grown quickly, outpacing global peers in customer acquisition for its usage-based program and maintains 100+ national and international partnerships. Carrot completed an initial tranche of 175 billion won of a two-part financing and will raise a further 125 billion won in an extended round, bringing new capital of 300 billion won. With the fresh capital Carrot plans to strengthen its market position, accelerate technology development, expand in-house pipelines, and pursue open innovation activities. Management expects faster growth in coming years, aims to reach break-even by 2024 and to go public by 2025.

Total raised

$250M

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2022