Koffie Insurance Secures $11 Million in Series A Funding
Brooklyn, NY, July 19, 2022 (GLOBE NEWSWIRE) – Koffie Insurance, an insurtech specializing in financial services for the trucking and transportation industry, has successfully closed an $11 million Series A funding round. This brings the company’s total funding to $15.5 million. The financing round was spearheaded by Anthemis Group, known for investing in high-growth, digitally-focused financial service companies, and saw participation from existing investors Lerer Hippeau Ventures and Plug and Play Ventures. New backers in this round include CP Overture, Breakout Capital, Two Lanterns Venture Partners, and a select group of strategic angel investors.
Innovative Insurance Solutions for Trucking
Koffie offers trucking and transportation companies quick and cost-effective insurance coverage that emphasizes and incentivizes safety. By leveraging advanced technology, the company aims to streamline processes related to underwriting, loss control, claims management, and fleet operations. Koffie has already provided insurance for over 1,000 trucks.
Expansion Plans
Currently operating in Tennessee, New Jersey, and Illinois, Koffie plans to expand its services to ten states by the year’s end. The latest funding round will be utilized to enhance current product offerings and increase staff.
CEO’s Vision for the Future
Koffie Co-founder and CEO Ian White states, “We’re thrilled to demonstrate how InsurTech 2.0 can significantly impact the industry. At Koffie, we take pride in incorporating safety into the core operations of trucking firms while customizing products to meet the specific needs of individual fleets. We look forward to partnering with our customers to continue delivering exceptional solutions.”
Anthemis Group’s Confidence in Koffie
“We believe in Koffie’s potential to redefine the financial landscape of the trucking sector. Their team possesses decades of expertise in serving this industry, positioning them uniquely to provide a diverse range of solutions. For too long, the trucking industry has been underserved in financial services, and Koffie is poised to address truckers’ requirements,” remarked Amy Nauiokas, Founder and Co-CIO of Anthemis Group.
About Koffie Insurance
Koffie Insurance is a digital insurer tailored for the new generation of trucking and transportation. With a mission to reduce preventable truck accidents, it is the first insurtech to incorporate safety technology into underwriting, pricing, and risk management. Utilizing real-time data and machine learning, Koffie offers immediate and customized policies for modern truckers who prioritize safety, rewarding them with lower premiums compared to traditional insurers. Founded in 2018 and based in Brooklyn, New York, Koffie combines expertise in trucking, insurance, data science, and software development. The company is backed by prominent venture capital firms including Anthemis Group, Plug and Play Ventures, and Lerer Hippeau. For further information, visit www.getkoffie.com.
