US based Insurtech, LuckyTruck- A Cincinnati based firm has grabbed US $ 2.4mn in a seed extension as it continues to overhaul the cover of truck insurance industry.
This step is led by Candid Insurance Investors, a group of angel investors made up of executives of P&C industry. The round also holds specific invests from Parker Beauchamp of insurance – focused venture capital firm Markd, and also Draper University Ventures and SiriusPoint is a part of it too. This exceeds the funding of LuckyTruck to US $6.5mn.
The firm seeks to bring essential pieces of the insurance purchase and management process together to ease the use of digital platform, which leverages date and automation to remove any sort of friction from the customer’s way.
It has also ascended it’s number of employees from 25 to 60 in a span of this year and caught the attention of more than 700 active customers in just four years of operation.
It is one of a kind of Fintech that urges to knit the American Trucking Industry worth US $790bn, that was lagged behind in adoption of the new technologies.
LuckyTruck digitising commercial trucking insurance –
Parker Beauchamp, Managing Partner of Markd claimed,” Trucking has grabbed more complexity and requires more deviation in and higher level of company’s flexibility. It requires a solution like LuckyTruck. I’m keen to see the changes LuckyTruck promises to bring in future and confident towards their opinion. LuckyTruck understands the requirement of industry to modernize purchase and management of trucking insurance.
Julie Zimmer, is the new CEO of LuckyTruck appointed on her 30 years of experience of insurance and insurtech including the most recent as, Head of insurance at Flexport.
Zimmer quotes, ”I see LuckyTruck as the forefront of the digitization of the commercial trucking insurance. The growth of the firm has been remarkable under Devin (founder) and Bostick’s leadership- I’m looking forward to remove every kind of friction affecting the way of trucking insurance and promising a valuable service towards entire supply chain.”