Loadsure, an insurtech managing general agent (MGA) and Lloyd’s coverholder, has secured $11m in Series A financing to support real-time freight insurance.

Led by MMC Ventures, the funding round involved the participation of existing investor Insurtech Gateway as well as marine solutions and logistics firm Crowley.

Loadsure said it has provided the industry’s first transactional cargo insurance platform and automated claims process.

The proceeds will be used by the insurtech to speed up the development of its proprietary smart technology.

Using the fresh infusion, it also intends to expand its reach and work towards enabling a more effective distribution chain.

Loadsure CEO Johnny McCord said: “We’re delighted to partner with MMC Ventures, Insurtech Gateway, and Crowley in driving meaningful change for the freight industry.

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“Especially now as it continues to wrestle with supply chain disruption and pandemic uncertainty. With this infusion of capital, we’ll make the strategic hires necessary to evolve our human-centric technology and make end-to-end risk management instantly available to every business.”

Leveraging AI and automation, the firm provides pay-as-you-go, digital insurance for brokers, shippers, and carriers.

MMC Ventures principal Alexia Arts said: “Loadsure is completely modernising the way the freight insurance market is served by building a fully digital, data driven, embedded insurance product.

“Loadsure’s product aligns with the changes that are happening in the market with shippers and carriers increasingly expecting flexibility, customisation and ease of purchase.”