Koffie Labs, a U.S.-based insurtech that is focused on reinventing the trucking and transportation markets, announced on Tuesday it has raised $4.5m in venture financing. According to Koffie, Anthemis Group and Lerer Hippeau led two rounds of seed round financing with participation from 2048 Ventures, Plug and Play Ventures, and C2 Ventures.
Founded in 2019, Koffie describes itself as an insurance company purpose-built for the autonomous vehicle era. The company revealed it is taking transportation insurance out of the dark ages by using modern technology to deliver instant policies based on advanced safety and autonomous technology.
“On a mission to eliminate preventable truck crashes, [Koffie] 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.”
While sharing more details about the company’s development, Ian White, Koffie CEO, stated:
“Trucking insurance today is a mess and one of the primary reasons that a trucking company goes out of business.”
Mike Dorfman, Koffie COO, then added:
“We are excited to unveil an entirely new insurance experience for an industry that has been neglected by insurers for a long time.”
Koffie is planning to use the funds to continue its product and company growth.