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