$85 million

Marshmallow’s latest venture values it at more than $1.25 billion and makes it one of the first British Blackfounded unicorns, the company said yesterday.

The early-stage funding round was backed by venture capital firm Passion Capital, Investec Bank and reinsurer SCOR, Marshmallow said in a statement.

The tech-focused insurer will use the funding to expand into overseas markets and into other types of insurance beyond the motor segment, Chief Executive Oliver KentBraham told Reuters. “We’re looking across to Europe now, that’s a huge market to go after. In the UK, we are looking at other personal lines.”