Tech

Loadsure secures £ 8.4m Series A investment led by MMC Ventures – UK Tech Investment News

Loadsure raises $ 11 million in Series A funding for its revolutionary freight insurance technology

Insurtech MGA has breached integrated insurance, offering a bespoke solution that works at the speed of the supply chain and enables brokers to profitably serve a broader market

LONDON – March 10, Insurtech MGA Load today announced that it has closed its $ 11 million Series A funding round, led by MMC Ventures and alongside Crowley, a global shipping, energy and logistics company and existing Insurtech Gateway investor. Loadsure, which provided the industry’s first transactional cargo insurance platform and automated indemnification process, will rapidly expand its organization to accelerate the development of its proprietary smart technology, increase its reach, and better serve the global insurance market. goods and merchandise through a more efficient, effective distribution chain.

The need for immediate and on-demand risk management is clear. Today, 60 to 90% of the cargo in transit is covered or uninsured, in part because traditional insurance cannot keep up with the just-in-time supply chain. As a result, many freight brokers, freight forwarders and carriers operate with broad risk exposure, particularly small and medium-sized businesses, which have historically been underserved by the insurance industry. Leveraging AI and automation, Loadsure targets the global underinsurance crisis directly, enabling insurance wholesalers and retailers to profitably serve a broader market through scalable, low-to-no-touch solutions.

“We are delighted to partner with MMC Ventures, Insurtech Gateway and Crowley in driving significant change for the freight industry,” said Loadsure CEO Johnny McCord, “especially as it continues to struggle with disruption to the freight chain. procurement and pandemic uncertainty. With this capital infusion, we will make the strategic assumptions necessary to evolve our human-centered technology and make end-to-end risk management immediately available to every business. “

At the forefront of freight insurance innovation, Loadsure was the first to digitize the entire freight insurance lifecycle, provide one-click coverage to the US freight industry, and offer an international insurance API to shipping. He will now grow his business organization to help policyholders understand risk and reduce losses, enabling brokers to better serve their communities.

“Loadsure is completely modernizing the way the freight insurance market is served by building an integrated, data-driven and fully digital insurance product. We were extremely impressed with the team’s industry experience, with their strong foundations and contacts in the insurance and logistics industry providing the perfect combination to build a seamless and scalable product. Loadsure’s product is in line with the changes taking place in the market with shippers and couriers expecting more and more flexibility, customization and ease of purchase, ”says Alexia Arts, Principal of MMC Ventures.

##

ON THE LOAD

Loadsure, an international Insurtech Managing General Agent (MGA) and Lloyd’s coverholder, leverages AI and automation to deliver industry first: pay-as-you-go, digital insurance for brokers, shippers and carriers. Through Loadsure.net and leading TMS platforms, transactional coverage can be automated or secured in less than 40 seconds with complaints resolved in minutes. Visit loadsure.net.

ON MMC ENTERPRISES

MMC funds and helps grow the tech companies that are transforming today’s markets. It has supported transformative technology companies from the Seed and Series A phase since 2000. MMC is committed to a deep understanding of the technology and business model behind each company to help make better decisions and be more effective partners. Transformative technology companies that MMC has supported to date include Copper, Gousto, Interactive Investor, NewVoiceMedia, Ably, Current Health, Signal AI, Bloom & Wild, and Peak. Explore MMC research and other useful information on www.mmc.vc.

ABOUT INSURTECH GATEWAY

The Insurtech Gateway is the only investor with its own FCA authorized incubator + fund, the Insurtech Gateway is the fastest place to build and launch an insurtech idea. The insurance industry has so many barriers to entry, founders often run out of energy and money just trying to get in. The Gateway is a one-stop shop for founders, where they can get guarantee card, investment capital, and advice on how to design and build their own startup, all surrounded by great insurance partners. The Gateway fund supports the post-incubation portfolio, up to Serie A and beyond. Discover the complete wallet. Insurers often struggle to innovate within their businesses, the Gateway allows insurers to do so in a safe environment. They make it easy for insurers, technology partners and insurtechs to get to know each other and work together, throughout the life of a business creation. Gateway would like to meet early stage founders with revolutionary ideas or products and progressive (re) insurers interested in collaboration. Visit insurtechgateway.com.

About Crowley

Crowley is a U.S.-owned and operated private marine, energy, and logistics solutions company serving commercial and government sectors with over $ 2.5 billion in annual revenues, over 170 ships mostly in the Jones Act fleet and approximately 7,000 employees worldwide – employing more US sailors than any other company. The Crowley firm has invested more than $ 3 billion in shipping, which is the backbone of global trade and the global economy. As a global shipowner-operator and service provider with over 130 years of innovation and commitment to sustainability, the company serves customers in 36 countries and island territories through four business units: Crowley Logistics, Crowley Shipping, Crowley Solutions and Crowley Fuels. . More information about Crowley, its business and subsidiary units can be found at www.crowley.com.

CONTACT WITH THE MEDIA

Doug Keighley
Seven Hills – Senior Consultant
[email protected]

Digiqole announcement

Loadsure secures £ 8.4m Series A investment led by MMC Ventures – UK Tech Investment News

Source link Loadsure secures £ 8.4m Series A investment led by MMC Ventures – UK Tech Investment News

Back to top button