InsurTech Koffie Labs has netted $4.5m in a venture financing round to fund the reinvention of the trucking and transportation insurance market.
Anthemis Group and Lerer Hippeau co-led the seed financing round with the backing of 2048 Ventures, Plug and Play Ventures, and C2 Ventures.
“Trucking insurance today is a mess and one of the primary reasons that a trucking company goes out of business,” said Ian White, Koffie CEO.
The company aims to change that with its telematics-powered underwriting solution.
“We are excited to unveil an entirely new insurance experience for an industry that has been neglected by insurers for a long time,” stated Mike Dorfman, Koffie COO.
Eric Hippeau, managing partner at Lerer Hippeau, added, “Koffie’s aim is to improve margins for the safest trucking companies, which will drive forward digital transformation in transportation and reduce preventable road fatalities. We’re glad to back Koffie as this experienced leadership team brings Koffie’s mission to the market.”
Jillian Williams, principal at Anthemis Group, commented, “Koffie is aligning with its trucking customers, providing them with best-in-class technology that improves safety and rewards them for using it. It’s a win-win. We are excited to see Koffie lead the next generation of insurers by embedding technology and tapping in to the broader trucking ecosystem, making for a delightful and seamless customer experience.”
The news comes after the global InsurTech market enjoyed a record year in 2020.
Despite the pandemic, the InsurTech segment of the FinTech sector raised $6.2bn across 323 deals last year, according to FinTech Global’s research.
That’s up from the $1.7bn raised across 190 deals in 2016.
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