The round saw participation from CP Overture, Breakout Capital, Two Lanterns Venture Partners, and a group of angel investors.
Koffie’s existing backers Lerer Hippeau Ventures and Plug and Play Ventures also joined the round.
The insurtech will use the proceeds to expand operations in ten new states by the end of the year, boost hiring and enhance product offerings.
Currently, its services are available in Tennessee, New Jersey and Illinois.
Catering to the trucking and transportation sector, Koffie provides insurance coverage that rewards and incentivises safety.
It leverages technology for underwriting, claims handling, loss control and fleet operations.
Koffie co-founder and CEO Ian White said: “We are excited to show how InsurTech 2.0 can make a demonstrable impact on the industry. At Koffie, we are proud to integrate safety into the bottom line of trucking companies, accurately tailoring products to fit the needs of individual fleets. We are excited to collaborate with our customers to continue to deliver best-in-class solutions.”
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.”
In February 2021, Koffie raised $4.5m through venture financing.