Buckle, which claims to be reinventing the insurance model for the gig economy, has bagged $31m in its Series A round.
The investment was co-led by HSCM Bermuda and Eos Venture Partners.
With the equity injection, the company is planning to reinvent the insurance model through the use of new data sources to underwrite risk and make insurance more comprehensive, affordable and easy to buy for rideshare drivers.
In 2019, the company released its rideshare insurance policy which combines personal and commercial vehicle coverages. The policy is completed through support with Munich Re’s Digital Partners.
Buckle recently acquired and recapitalised Gateway Insurance Company and its 47 US state insurance licenses. Through Gateway, Buckle has been able to expand its insurance to include transportation network companies (TNCs), traditional taxi, limo, and livery businesses using the Curb app.
HSCM Bermuda partner and CIO Vikas Singhal said, “The ride-hailing market is expected to grow globally to approximately $260 billion by 2024.
“As the market grows, demand for straight-forward and affordable insurance coverage for both providers and TNCs will grow with it. We’re excited to help the Buckle team take the company to the next level.”
Buckle plans to launch other products and partnerships as it continues to expand.
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