Trucking Insurer Koffie Labs Raises $4.5 Million
Insurtech Brings AI to Increase Efficiency and Better Underwriting Results
BROOKLYN, N.Y., Feb. 23, 2021 /PRNewswire/ -- Koffie Labs (Koffie), an insurtech focused on reinventing the trucking and transportation markets, today announced it has raised $4.5m in venture financing. Anthemis Group and Lerer Hippeau led two rounds of seed round financing with participation from 2048 Ventures, Plug and Play Ventures and C2 Ventures. Trucking insurance is an essential component of the broader $800b trucking industry and the backbone of the US economy. With commercial auto rates consistently increasing over the last decade, there are few viable options for fleets.
Koffie uses telematics and advanced safety technology to underwrite trucking companies, rewarding fleets that invest in safety with discounted insurance premiums. Truckers, used to waiting weeks for quotes, can receive one in minutes on Koffie's streamlined and fully digital platform. Koffie's AI-driven predictive models, which underwrite dozens of safety features, allow the company to build insurance for emerging risks like self-driving vehicles.
"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. "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.
"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," said Jillian Williams, Principal at Anthemis Group. "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."
"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," said Eric Hippeau, Managing Partner at Lerer Hippeau. "We're glad to back Koffie as this experienced leadership team brings Koffie's mission to the market," added Hippeau.
About Koffie Labs
Koffie Labs 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 Lerer Hippeau, Anthemis Group and other leading venture capital firms. Learn more at www.getkoffie.com
SOURCE Koffie Labs
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