Koffie Insurance, an insurtech that focuses on providing financial services to the trucking and transportation sector, has announced the closing of an $11 million Series A, which now brings the company’s total funding to date to $15.5 million.
The round was led by Anthemis Group which specializes in funding best-in-class, high-growth, digitally native financial services companies. They joined existing investors, Lerer Hippeau Ventures and Plug and Play Ventures.
New investors for this round included CP Overture, Breakout Capital, Two Lanterns Venture Partners, and a select group of strategic angel investors.
Moreover, Koffie provides trucking and transportation companies with fast and affordable insurance coverage that rewards and incentivizes safety. By using cutting-edge technology to save both money and time when it comes to underwriting, loss control, claims handling and fleet operations, Koffie has already managed to insure over 1,000 trucks.
Koffie’s services are currently available in Tennessee, New Jersey and Illinois. The company plans to scale to ten states by the end of the year.
The latest round of financing will also enable enhanced product offerings and strategic new hires.
Koffie Co-founder/CEO, Ian White, said: “We’re excited to show how InsurTech 2.0 can make a demonstrable impact on the industry. At Koffie, we are proud to integrate safety into the bottom line of trucking companies, accurately tailoring products to fit the needs of individual fleets. We’re excited to collaborate with our customers to continue to deliver best-in-class solutions.”
Amy Nauiokas, Founder and Co-CIO of Anthemis Group, added: “We bet on Koffie to re-envision the financial future of the trucking industry. The team has decades of experience serving the sector, uniquely positioning them to offer a broad array of solutions. The trucking industry has been vastly underserved in financial services for decades and Koffie is in a perfect position to meet truckers’ needs.”