BROOKLYN — Koffie Labs, an insurance tech company focused on reinventing the trucking and transportation markets, has raised $4.5 million in venture financing. Anthemis Group and Lerer Hippeau led two rounds of seed round financing with participation from 2048 Ventures, Plug and Play Ventures and C2 Ventures.
Trucking insurance is an essential component of the broader $800 billion trucking industry and the backbone of the US economy. With commercial auto rates consistently increasing over the last decade, there are few viable options for fleets.
Koffie uses telematics and advanced safety technology to underwrite trucking companies, rewarding fleets that invest in safety with discounted insurance premiums. Truckers, used to waiting weeks for quotes, can receive one in minutes on Koffie’s streamlined and fully digital platform. Koffie’s AI-driven predictive models, which underwrite dozens of safety features, allow the company to build insurance for emerging risks like self-driving vehicles.
“Trucking insurance today is a mess and one of the primary reasons that a trucking company goes out of business,” said Ian White, Koffie CEO. “We are excited to unveil an entirely new insurance experience for an industry that has been neglected by insurers for a long time,” said Mike Dorfman, Koffie COO.
“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,” said Jillian Williams, Principal at Anthemis Group. “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.”
“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,” said Eric Hippeau, Managing Partner at Lerer Hippeau. “We’re glad to back Koffie as this experienced leadership team brings Koffie’s mission to the market,” added Hippeau.