Insurtech Koffie raises $11 million to advance insurance coverage for the trucking industry
Funding will enable expansion into new states, enhanced product offerings and strategic new hires
Koffie Insurance, an insurtech focused on providing financial services to the trucking and transportation sector, today announced the closing of an $11 million Series A, bringing the company’s total funding to date to $15.5M. The round was led by Anthemis Group, which specializes in funding best-in-class, high-growth, digitally native financial services companies, joining existing investors Lerer Hippeau Ventures and Plug and Play Ventures.
Koffie provides trucking and transportation companies with fast and affordable insurance coverage that rewards and incentivizes safety. Using cutting-edge technology to save money and time when it comes to underwriting, loss control, claims handling and fleet operations. Koffie has already insured over 1,000 trucks.
Currently available in Tennessee, New Jersey and Illinois, Koffie plans to scale to ten states by the end of the year. The latest round of financing will also be used to enhance current product offerings and add to headcount.
Says Koffie Co-founder/CEO Ian White, “We’re excited to show how InsurTech 2.0 can make a demonstrable impact on the industry. At Koffie, we are proud to integrate safety into the bottom line of trucking companies, accurately tailoring products to fit the needs of individual fleets. We’re excited to collaborate with our customers to continue to deliver best-in-class solutions.”
“We bet on Koffie to re-envision the financial future of the trucking industry. The team has decades of experience serving the sector, uniquely positioning them to offer a broad array of solutions. The trucking industry has been vastly underserved in financial services for decades and Koffie is in a perfect position to meet truckers’ needs,“ said Amy Nauiokas, Founder and Co-CIO of Anthemis Group.
For more information, please visit www.getkoffie.com.
About Koffie Insurance
Koffie Insurance is a digital insurer purpose-built for the next generation of trucking and transportation. On a mission to eliminate preventable truck crashes, it is the first insurtech to integrate safety technology into underwriting, pricing and loss control. Using real time data and machine learning models, Koffie delivers instant and tailored policies to modern truckers that invest in safety, rewarding them with lower premiums than traditional insurers. Diving headfirst into a class of insurance plagued by sustained losses, inadequate underwriting and burdensome expenses, Koffie aims to align incentives with fleets, brokers and the trucking industry to build a more profitable future and prepare for the coming wave of autonomous transport. Founded in 2018 and located in Brooklyn, New York, Koffie holds deep expertise in trucking, insurance, data science and software development. The company is backed by Anthemis Group, Plug and Play Ventures, Lerer Hippeau, and other leading venture capital firms.
Learn more at www.getkoffie.com.
Source: Koffie Insurance