Insurtech MGA Loadsure has raised $11 million in a Series A funding round, led by MMC Ventures alongside Crowley, a global maritime, energy, and logistics company and existing investor Insurtech Gateway.
Loadsure provides a transactional cargo insurance platform and automated claims process.
It plans to use the funding to scale its organisation, accelerate the development of its technology, increase reach, and better serve the global cargo and freight insurance market through a more efficient distribution chain.
“We’re delighted to partner with MMC Ventures, Insurtech Gateway, and Crowley in driving meaningful change for the freight industry,” said Loadsure CEO, Johnny McCord, “especially now as it continues to wrestle with supply chain disruption and pandemic uncertainty.
“With this infusion of capital, we’ll make the strategic hires necessary to evolve our human-centric technology and make end-to-end risk management instantly available to every business,” he added.
Loadsure was granted coverholder status by the specialist Lloyd’s of London insurance and reinsurance marketplace back in 2022.
Following its Lloyd’s approval, the insurtech partnered with ArgoGlobal, a division of re/insurer Argo Group, to provide capacity and support for its development.
“Loadsure is completely modernising the way the freight insurance market is served by building a fully digital, data driven, embedded insurance product,” said Alexia Arts, Principal at MMC Ventures.
We have been extremely impressed by the domain expertise of the team, with their strong foundations and contacts in the insurance and logistics industry providing the perfect combination to build a seamless and scalable product,” Arts continued.
“Loadsure’s product aligns with the changes that are happening in the market with shippers and carriers increasingly expecting flexibility, customisation and ease of purchase.”
