Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc, investing globally in innovative technology companies and business models that support mobility and power transformation.
The funding round was led by Accel-KKR, with participation from existing investors Shell and Smedvig Capital.
"The past few years have seen a revolution in transport ticketing and payments technology, and Masabi has consistently been at the forefront, time-after-time delivering ground-breaking firsts which have shaped the industry,"
The investment round was led by BXR Group and Shell Ventures to support product development and international expansion.
"This investment adds the fuel to power our scaleup phase. We have built the data moat and unique tech IP stack to fundamentally change commercial fleet insurance. Our goal now is to deliver exponential commercial growth of our MGA in the UK and select EU territories as well as advance our mission to deliver the first commercial wrapped Autonomous Vehicle insurance policy with our AV developer partners."
The London insurtech has drawn backing from Shell Ventures and Marbruck Investments to drive domestic and international growth.
"Partnering with Shell Ventures brings not only fresh capital, but also an investor with a thriving global connected fleet business and expertise to share. We are looking forward to working with Shell and bringing our class-leading motor fleet insurance product with explainable exposure-based pricing to an even wider audience"
International Airlines Group led the syndicate backing the aviation software provider alongside Shell, World Fuel Services and JetBlue Technology Ventures.
"We are thrilled to join a strong consortium of investors to support the growth of i6. The way their proprietary digital solutions enable the end-to-end digitalisation of the aviation fuel supply chain, while solving key friction points, adds tremendous value to their customer base."
Shell Ventures joins the Series B round, lifting total funding announced this year to £22.8m.
"Since founding in 2016, Drover has evolved and grown into a serious contender in the UK car retail market, and is quickly scaling in France. Our car-as-a-service proposition, with no large downpayment and one flat monthly fee including all the car's bills, has proven remarkably resilient in 2020, with record revenues in Q2 and Q3. Partnering with Shell will only strengthen our position as the leading flexible ownership model, in the UK and beyond"
