Carbon Underwriting has secured a strategic investment from UK-based private equity company Apiary Capital.

A class-agnostic MGU and Lloyd’s Syndicate, Carbon Underwriting plans to use the funding to fund its growth momentum. 

The company runs as an underwriting and data lead with a particular focus on coverholder partnerships.

The company also intends to use the funding to advance the development of its underwriting platform and technology platform, Graphene.

Carbon Underwriting CEO Nick Tye said: “We are delighted to welcome Apiary’s strategic investment in Carbon Underwriting – this is a pivotal moment that we are confident will help accelerate our transformative impact on the market as we drive towards a data-driven coverholder future. 

“At Carbon, we set out in 2018 with a mission to revolutionise the world of delegated underwriting and establish a global benchmark. We understand the significance of embracing modern technology to enhance our offering, and our in-house technology ecosystem, Graphene, has been instrumental in achieving this vision.”

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Oppenheimer and Wilkie Farr & Gallagher advised Carbon on this deal while Acrisure Re Corporate Advisory and Solutions, Salient Solutions, PKF, Browne Jacobson, and Oxbow Partners acted as adviser to Apiary Capital.

Apiary Capital partner Jeniv Shah said: “We are absolutely thrilled to partner with Carbon co-founders Nick Tye, Jacqui Ferrier and Ben Laidlaw, and the rest of the Carbon team. This is exactly the calibre of business that Apiary seeks to invest in: a Founder-owned business, with a differentiated, technology-led proposition, and an opportunity to capture transformational growth in a large, underserved market.

“Carbon’s dynamic, inclusive culture also aligns well with Apiary’s vision and business strategy. We have been impressed with Carbon’s rigorous commitment to improving the efficiency of the coverholder value chain for all stakeholders.”