Carbon secures growth investment from FTV Capital

Carbon Underwriting has signed an agreement for a growth equity investment from FTV Capital , a sector-focused growth equity firm.

The investment will support further development of Carbon’s proprietary data and analytics platform, Graphene, deepen its AI capabilities, and fund international expansion, including the build-out of its U.S. business. Financial terms of the transaction were not disclosed.

Founded in 2018, Carbon operates principally through Lloyd’s Syndicate CBN 4747 and specializes in delegated authority underwriting.

It has grown premium volume from £150 million in 2023 to £471 million in 2026 while maintaining “market-leading” loss ratios.

Carbon will continue to operate independently under its existing management team. Apiary Capital, which invested in the company in 2023, will exit as part of the transaction.

“The U.S. represents a substantial, largely untapped opportunity for that proposition.” – Mike Vostrizansky, partner at FTV Capital.

According to LinkedIn data, Carbon has approximately 89 employees, up 16% over the past year.