A Brooklyn, New York-based managing general agency for the trucking and transportation sector has closed an $11 million Series A funding round, bringing the company’s total funding to date to $15.5 million.
The round for Koffie Insurance was led by Anthemis Group, along with existing investors Lerer Hippeau Ventures and Plug and Play Ventures. New investors include CP Overture, Breakout Capital, Two Lanterns Venture Partners, and a group of angel investors.
Koffie, launched in 2018, raised $4.5 million in venture financing in February, 2021.
The company says it deploys technology and multiple data sources in its underwriting, loss control, claims handling and fleet operations and is dedicated to reducing preventable truck crashes and rewarding transportation fleets for prioritizing safety. Fleets are eligible for up to a 10% premium credit at the end of each policy year based on their safety performance. The technologies it provides insureds include telematics and dash cameras.
Koffie said it has insured more than 1,000 trucks.
Currently available in Tennessee, New Jersey and Illinois, Koffie plans to expand to 10 states including Pennsylvania and Georgia through the end of 2022 with the aid of its latest round of fundraising.
The new financing will also be used to improve product offerings and add to its staff.
Acknowledging it is operating in a class of insurance that has experienced sustained losses, Koffie said it “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.”
Was this article valuable?
Here are more articles you may enjoy.