Following its latest Series A funding round, insurtech company Fairmatic has raised a total of $42M from Aquiline Technology Growth, Foundation Capital, and other insurtech, fintech and technology angel investors.
The funding comes at a time of development for Fairmatic, having emerged from stealth with a C-suite of insurance and technology innovators with plans to transform performance-priced fleet insurance using data and AI.
Jonathan Matus, founder and CEO of Fairmatic, said, “Fairmatic is introducing an impact-driven alternative to antiquated commercial auto insurance models: one that rewards safety and gives fleets fairness and control over costs.”
“Having spent years working on making smartphone technology ubiquitous, I was deeply troubled by its unintended consequence for road safety. Fairmatic’s inception is the manifestation of our focus to transform Commercial Auto insurance into a force for good.”
Jamie Trish, President of Insurance, added, “Historically, commercial auto insurance has been a losing battle for both insurers and insureds, suffering massive losses and inflated premiums.”
“Fairmatic is flipping the script by redefining a win-win-win sweet spot where safer fleets get rewarded with savings; Fairmatic achieves profitable growth and society benefits from improved road safety for all.
“Our unique ability to deliver fair and transparent pricing, combined with our proven profitable growth model puts Fairmatic at the apex of Insurtech 2.0.”
Fairmatic’s approach to risk and underwriting harnesses data and AI to introduce a more personalized insurance option that incentivizes safety with savings.
While in stealth, Fairmatic tested its predictive risk model with thousands of paying drivers and has achieved solid underwriting results.
Fairmatic’s Series A funding round was led by Foundation Capital and Aquiline Technology Growth.
The company is also backed by Insurtech, fintech and technology industry angel investors, including Yahoo co-founder Jerry Yang; Israeli-American investor Oren Zeev: Hippo Insurance co-founder Assaf Wand; entrepreneur and multiple unicorn investor Bill Tai.
