Parsyl, a data-powered insurer of essential supply chains, has raised $25m in Series B funding.
The round was led by HSCM Ventures, as well as 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.
Simultaneous with the funding, Parsyl is launching a US-based Managing General Underwriter (MGU). Parsyl also is expanding the scope of its impact-focused syndicate at Lloyd’s of London, Syndicate 1796.
Parsyl said it is redefining insurance for the $4trn of perishable food and pharmaceuticals shipped annually by using granular supply chain data to identify and manage risk and reduce waste of essential goods.
The company works with several of the world’s largest logistics companies and insures food, vaccines and other health commodities that are shipped to more than 80 countries. Parsyl’s risk management technology is currently monitoring vaccines for nearly 200 million people.
Ben Hubbard, co-founder and CEO of Parsyl, said, “We use ground-truth data to strengthen supply chain risk management and provide tailored insurance protection at a time when the global supply chain is in crisis and effective vaccine distribution is increasingly urgent.”
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