Lewis Morgan, co-founder of Gymshark, has acquired a 15% stake in MyFirst, an innovative car insurance company catering to young drivers, while expressing his commitment to help the startup achieve unicorn status.

Founded by Morgan and Ben Francis in 2013, Gymshark has seen significant growth, and Morgan is optimistic about MyFirst’s potential to reach a £1 billion valuation in the near future after purchasing shares from current stakeholders.

In this investment round, Rob Pierre, co-founder of digital marketing agency Jellyfish, has also expanded his ownership from 7% to 20%.

James Noble introduced MyFirst in 2016 after facing challenges in obtaining insurance for his first vehicle. While working as a golf caddy without prior insurance experience, he raised £10,000 from golf club members to establish MyFirst, aiming to assist young drivers in securing optimal insurance deals.

In 2023, MyFirst reported sales of £17.7 million. Morgan emphasized his long-term vision for the company, stating, “I’m not someone who will invest for a quick return; I see this as a significant opportunity. We’re still in the early stages.”

Initially hesitant to invest, Morgan changed his stance after observing Noble’s dedication to developing the business. He remarked, “He’s grinding; he’s literally giving it his all. That’s exactly what you look for when investing in someone.”

Pierre, who previously scaled Jellyfish to 2,000 employees before a lucrative sale in 2023, concurred that MyFirst is just beginning its journey. He noted that as more insurers collaborate with MyFirst, the company will expand its reach and enhance its capability to serve a larger number of drivers aged 17 to 20, which is a core objective.

He also expressed that he sees MyFirst as having potential beyond just reaching unicorn status. “With recent valuations like that of the fintech group Marshmallow at $2 billion, I believe MyFirst could reach similar heights,” he commented.

Noble, age 31, is positive about the experience brought by both Morgan and Pierre to scale MyFirst further. He stated, “We gain all of Pierre’s extensive experience running Jellyfish at our fingertips, which is invaluable.”

Regarding Morgan, Noble aims to leverage his expertise in building a brand that resonates with Generation Z, emphasizing the importance of recognizing youth trends in marketing. Noble plans to focus on digital marketing efforts via platforms such as YouTube and TikTok to enhance competitive advantage.