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February 24, 2021

US-based trucking insurtech Koffie Labs raises $4.5m

US-based trucking insurtech Koffie Labs (Koffie) has raised $4.5m through venture financing.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
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The two rounds of seed round financing were led by Anthemis Group and Lerer Hippeau. Venture capital firms 2048 Ventures, Plug and Play Ventures and C2 Ventures also participated.

Founded in 2018, Koffie Labs is based in Brooklyn, New York, and seeks to eliminate preventable truck crashes by integrating safety technology into underwriting, pricing and loss control.

The digital platform uses real time data and machine learning models to deliver instant quotes and tailored policies to modern truckers.

Koffie COO Mike Dorfman said: “Trucking insurance today is a mess and one of the primary reasons that a trucking company goes out of business.

“We are excited to unveil an entirely new insurance experience for an industry that has been neglected by insurers for a long time.”

Anthemis Group principal Jillian Williams said: “Koffie is aligning with its trucking customers, providing them with best-in-class technology that improves safety and rewards them for using it. It’s a win-win.

“We are excited to see Koffie lead the next generation of insurers by embedding technology and tapping in to the broader trucking ecosystem, making for a delightful and seamless customer experience.”

Lerer Hippeau managing partner Eric Hippeau said: “Koffie’s aim is to improve margins for the safest trucking companies, which will drive forward digital transformation in transportation and reduce preventable road fatalities.

“We’re glad to back Koffie as this experienced leadership team brings Koffie’s mission to the market.”

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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