Carrot General Insurance Co. Ltd. announced that it will issue 3,155,250 common shares and 1,236,022 convertible preferred shares both at an issue price of KRW 15,910 and for gross proceeds of KRW 175,000,008,520 on August 18, 2022. The transaction will include participation from returning investor Hanwha General Insurance Co., Ltd. for 3,155,250 shares, Stic Asia Infrastructure Innovation PEF for 134,113 shares, and STIC Global Innovation Growth Fund for 1,751,493 shares, funds managed by STIC Investments, Inc., Altos Korea Opportunity Fund 3, L.P. for 425,870 shares, and Altos Korea Opportunity Fund 5, L.P. for 818,630 shares, funds managed by Altos Ventures Management, Inc., Affirma Capital Managers (Singapore) Pte Ltd for 4,714,016 shares.

The company will issue shares using third party allotment method. The transaction has been approved by the board of directors. The transaction is expected to close on August 29, 2022.