London’s Carbon Underwriting is eyeing new business lines and the development of its data-driven underwriting platform following significant funding from alternative lender BOOST&Co.
Carbon will also use the investment for working capital purposes and to bolster its underwriting and leadership teams.
BOOST&Co provides growth capital for UK SMEs covering a wide range of sectors, offering loans ranging from between £1 million and £10 million.
The team at BOOST&Co is said to have been impressed by Carbon’s management, including their long experience in the insurance sector and high level of personal investment in the firm.
“We are delighted to be supporting Carbon Underwriting with a growth loan to enable the further development of the company’s innovative underwriting technology platform,” Adam Brinn, head of London and the east at BOOST&Co.
“This is an exciting opportunity to work with an experienced and ambitious team, and we hope this is the beginning of a long-term funding partnership.”
Nick Tye, the Chief Executive of Carbon, added, “We are extremely proud of what we have achieved over the past three years and we are very pleased to be partnering with BOOST&Co for this additional funding, which will enable us to develop our business further so that we can capitalise on the current opportunities in the market.
“Our business continues to go from strength to strength, and this working capital will enable us to continue to drive profitable growth while developing our underwriting platform and investing in our people.
“We are delighted that BOOST&Co has recognised our potential, and we are excited about the future as we steer Carbon forward and transform the landscape of how delegated authority business is written.”