Denver-based Parsyl has raised $25m in Series B funding to expand its cargo insurance and risk management solutions.
The company uses data to identify and manage risk, while reducing the wastage of essential goods. According to a release, its technology is currently monitoring vaccines for nearly 200m people.
The Series B financing is led by HSCM Ventures, the venture capital arm of Hudson Structured Capital Management, which specialises in the insurance and transport sectors. Other participants in the round include strategic investors Lineage Ventures, the technology investment arm of Lineage Logistics, Flexport Ventures, several executives from the insurance and perishable food industries, and existing investors GLP Capital Partners and Luna, the investment fund of Lucy Ana Walton.
As part of this series of funding, Parsyl is also launching a US-based managing general underwriter, while Adrian Jones, partner at HSCM Ventures, will join the company’s board of directors.
Jones said in a statement: “Parsyl acts at the intersection of insurance, technology, and social impact. Parsyl’s risk management and insurance solutions help ensure that cold chains are maintained for vaccines, that perishable food arrives unspoiled by temperature, and that financial protection is in place in case of damage.”
According to its website, Parsyl was founded in 2018 with the aim to ‘end the days of ship and pray’. It uses data and technology to protect essential supply chains with modern risk management and more comprehensive insurance coverage.
Parsyl has made headlines a handful of times on Reinsurance News. In September, it hired Gavin Spencer as its head of insurance, where his role was announced as being on product and business development.
And, in June, the company said it had set a record for settling a marine cargo insurance claim in less than eight hours. The claim, in question, was for a spoiled air shipment of fresh cod.