Marshmallow announced completing a $30M Series A funding round.

Marshmallow, a London, UK-based provider of insurance products, announced that it secured capital funding of $30 million.

Investors include Outrun Ventures. The round values the company at around $310 million and the proceeds will be used for the company's international expansion and the development of new insurance products.

Marshmallow, founded in 2017 by Alexander Kent-Braham, David Goate and CEO Oliver Kent-Braham, launched as an insurance seller targeted at expats. The company's product was using an algorithm that made data assessment based on global data, as opposed to national data which was unfavourable to foreigners living in the UK.

Marshmallow later expanded from car insurance to a larger product portfolio, targeting people between the age of 21-50 with a focus on providing a great price and experience for people who have a fragmented address and credit history, and less affluent people with lower credit scores.

Marshmallow previously raised $1.2M from Passion Capital, Investec and angel investor Chris Adelsbach.