Commercial auto insurer Pouch has closed a round of seed funding from ILS Capital, giving it access to a portfolio company ecosystem and expertise that has accelerated its launch.
ILS Capital’s funding has given a new line of business to its portfolio while ILS provides resources that allow Pouch to focus on growth.
As part of the investment, ILS Capital will provide Pouch with access to its portfolio of insurance companies to underwrite policies, access to distribution channels, and operational and development resources and expertise.
Whilst it typically takes new insurers around 18 months or more to assemble the services and expertise required to get off the ground, Pouch has launched in eight months, leveraging the experience of its founders and the resources at its disposal at ILS Capital.
Tom Libassi, Co-Founder and Managing Partner at ILS Capital commented: “This capital and our portfolio gives Pouch the freedom to focus on growing its business and a fast track to market. At the same time, Pouch is led by a team rich with proven experience that expands the knowledge and expertise in our portfolio.
“It also opens up access to the direct-to-business market and telematics, which are highly complementary to what we do. This investment reflects our confidence in Pouch’s leadership and our shared vision. We have every confidence that Pouch will take the ball and run.”
Steve McKay, Founder and CEO of Pouch added: “Insurance presents more hurdles to entrepreneurs than just about any other industry. You not only have to raise capital, you also have to find an insurer to write the policies, not to mention all the regulatory approvals.
“ILS Capital has given us everything we need to move as fast as possible to take advantage of the opportunities in commercial auto insurance. They helped us bring to market our fresh approach and rewards for safe driving so that we can immediately help businesses protect some of their most valuable assets.”
