Koffie Insurance Secures $11M in Series A Funding
Koffie Insurance, an InsurTech startup catering to the trucking and transportation industry, has successfully raised $11 million in its Series A funding round.
The round was led by Anthemis Group, with participation from existing investors Lerer Hippeau Ventures and Plug and Play Ventures. New investors included CP Overture, Breakout Capital, Two Lanterns Venture Partners, and several unnamed strategic angel investors.
Koffie Insurance provides trucking and transport businesses with quick and cost-effective insurance solutions that prioritize and reward safety. The company asserts that its technology streamlines processes related to underwriting, loss control, claims management, and fleet operations, thus saving both time and money.
Established in 2018, Koffie claims to have insured over 1,000 trucks to date. Its services are currently operational in Tennessee, New Jersey, and Illinois, with plans to expand to ten states by the year’s end. The capital raised in this Series A round will be utilized to enhance their product offerings and expand staff.
Amy Nauiokas, founder and co-CIO of Anthemis Group, stated, “We are confident in Koffie’s ability to redefine the financial landscape for the trucking industry. Their team brings decades of experience to the table, uniquely enabling them to provide a comprehensive range of solutions. The trucking sector has been largely overlooked by financial services for years, and Koffie is well-positioned to address the needs of truckers.”
With the completion of this funding round, Koffie has raised a total of $15.5 million, having previously secured $4.5 million in funding in February 2021.
Earlier this year, InsurTech CarrierHQ, based in Indianapolis, collaborated with InMotion Global, creators of AscendTMS, to facilitate access to trucking insurance solutions.
