Stable, an InsurTech that claims it is creating fit-for-purpose insurance for owners of rideshare and carshare vehicles, has bagged $3.3m from a funding round.
The round was co-led by MLTPLY and Brooklyn Bridge Ventures and also saw participation from Dave Delaney of Lancer Insurance, Christopher Cavallaro and John McKenna from ARC Excess and Surplus, Harry Campbell of The Rideshare Guy and VJ Dowling of Dowling & Associates.
Stable highlighted that through its platform, not only do customers digitally secure insurance with features specifically tailored to their use, but also have the access to tools that allows owners to run their businesses more profitably and efficiently.
Alongside insurance, Stable also offers tools and analytics so that owner operators and growing fleets can run their businesses more effectively. The analytics that are available on Stable’s dashboard offer a holistic view of risk levels and profitability metrics, which enables owners and operators to make better and more informed decisions.
Stable co-founder Doug Ver Mulm said, “There is a lack of insurance built specifically for new types of mobility use, and unless you’re a large fleet, you don’t have access to tools to run your business more intelligently. We realised both are needed to create a truly differentiated product for these vehicle owners. Teaming up with MLTPLY allows us to save months or years merging insurance operations with our tech and enables us to hit the ground running and quickly expand state by state.”
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