Apiary Capital exits Carbon to FTV Capital

Apiary Capital exits Carbon Underwriting to FTV Capital, delivering a 6x return.

Carbon Underwriting is the market-leading delegated authority specialist with its own Lloyd’s syndicate, powered by highly rated capital, proprietary technology and outstanding underwriting talent.

Following Apiary’s investment in the company in 2023, significant investment went into recruiting senior talent, further developing Carbon’s proprietary Graphene data and analytics technology, and enabling the company’s international expansion, including the build-out of its US business. During this time, gross written premium increased 214% from £150m to £471m, at market-leading loss ratios.

Jacqui Ferrier, Carbon CEO, said: “Ben and I would like to extend a heartfelt thank you to Jeniv, Thomas and the team at Apiary Capital for their belief in our business and the support they have provided which has allowed us to scale quickly and responsibly. And of course, a special thank you to our co-founder and friend Nick Tye, who has played such an important part in the Carbon story.”

Jeniv Shah, Partner at Apiary Capital, commented: “We are incredibly proud to have been a part of Carbon’s story since our investment in 2023. Jacqui, Ben and the rest of the team have built an impressive business with a great culture, and they have done an excellent job trebling the size of the business and diversifying into new markets. We have no doubt that Carbon will continue its stellar growth trajectory with its new partners.”