Koffie Insurance, an InsurTech startup aimed at the trucking and transportation sector, has collected $11m in its Series A.
Anthemis Group served as the lead investor, with existing backers Lerer Hippeau Ventures and Plug and Play Ventures also committing capital. First-time Koffie investors included, CP Overture, Breakout Capital, Two Lanterns Venture Partners and a group of unnamed strategic angel investors.
Koffie Insurance supplies trucking and transportation companies with fast and affordable insurance coverage that rewards and incentivises safety. It claims the technology helps save money and time through underwriting, loss control, claims handling and fleet operations.
Founded in 2018, the company claims to have insured over 1,000 trucks.
Its services are currently available in Tennessee, New Jersey and Illinois, but Koffie plans to scale to ten states by the end of the year. Funds from the Series A will help Koffie enhance its product offering and hire more staff.
Anthemis Group founder and co-CIO Amy Nauiokas said, “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.”
With the close of the round, the company has raised a total of $15.5m in funding. It previously raised $4.5m in funding back in February 2021.
Earlier in the year, Indianapolis-based InsurTech CarrierHQ partnered with InMotion Global, maker of AscendTMS, to improve access to trucking insurance.
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