InsurTech Lula has raised $35.5m in a Series B funding round following a massive surge in customers.
The startup, which aims to be the “Stripe for insurance,” has made the move following on from a signficant rise in their customer base.
The Miami-based organisation has reported that its number of users has increased from 99 businesses in February of 2022, to nearly 4,000 as of July 2023.
Lula’s co-founder and president Michael Vega-Sanz spoke to TechCrunch about the funding round, stating: “The capital is going to get us to profitability in the next couple of quarters.
“We expect to pass $100 million in annual recurring revenue over the next three to four quarters.”
Lula has previously worked in the automobile industry, with its clients and partners including Kyte, Turo and State National.
However, now they offer a broader insurance offering that is designed to help companies reduce insurance premiums and insurance-related expenses for businesses.
They offer a range of services for their clients which include risk management, claims management, policy management and access to insurance coverage.
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