Loadsure has raised an investment of £1.1m in a seed funding round led by Insurtech Gateway, alongside other corporate and angel investors.

The proceedings from the round will be used to expands its footprint and establish potential partnerships within the freight transport industry.

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In addition, the fund will be also used to market its one-click insurance integration to loadboard, freight marketplace, and transportation management system platforms in the US.

Loadsure’s new solution is a cloud-based, end-to-end digital process that automates previously manual operations.

It allows brokers, shippers, and carriers to cut per-load insurance costs by 5x and cut the time required for claims settlements from days to hours.

Loadsure founder and CEO Johnny McCord said: “Insurtech Gateway has given us the confidence and support network to achieve our goals as we take Loadsure to the next level.

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“We now have a broader set of experts behind us to help navigate the rocks that founder many startups. Their subtle but supportive approach with Loadsure has been massively appreciated.”

By extending its new solution, Loadsure intends to aid transportation and logistics companies to address the millions of uninsured or underinsured freight tons shipped in the US each year.

Insurtech Gateway co-founder Robert Lumley said: “Informal marketplaces are vulnerable, lacking insurance protection for customers, and that was true of the spot freight market, until now.

“Loadsure really impressed us with their plan to be at the leading edge of this rapidly modernising sector.”

Founded in 2018, Loadsure is a UK-based international Insurtech Managing General Agent (MGA).