- Freight Protection
LONDON – March 10, 2022 – Insurtech MGA Loadsure announced today that it closed its $11 million Series A funding round, led by MMC Ventures and alongside Crowley, a global maritime, energy, and logistics company and existing investor Insurtech Gateway. Loadsure, which delivered the industry’s first transactional cargo insurance platform and automated claims process, will rapidly scale its organization to accelerate the development of its proprietary smart technology, increase its reach, and better serve the global cargo and freight insurance market through a more efficient, effective distribution chain.
The need for instant, on-demand risk management is clear. Today, 60 to 90% of cargo in transit is under or uninsured, in part because traditional insurance can’t keep pace with the just-in-time supply chain. As a result, many freight brokers, shippers, and carriers are operating with broad risk exposure, especially small-to-medium-sized businesses, which have historically been underserved by the insurance industry. Leveraging AI and automation, Loadsure is taking direct aim at the global underinsurance crisis, enabling insurance wholesalers and retailers to profitably service a larger market through scalable, low-to-no-touch solutions.
‘We’re delighted to partner with MMC Ventures, Insurtech Gateway, and Crowley in driving meaningful change for the freight industry,” said Loadsure CEO, Johnny McCord, “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.”
Leading the way on freight insurance innovation, Loadsure was the first to digitalize the full cargo insurance life cycle, deliver one-click coverage to the U.S. freight industry, and offer an international, per-shipment insurance API. Now, it will grow its entrepreneurial organization to help assureds understand risk and reduce loss by enabling brokers to better serve their communities.
“Loadsure is completely modernising the way the freight insurance market is served by building a fully digital, data driven, embedded insurance product. We have been extremely impressed by the domain expertise of the team, with their strong foundations and contacts in the insurance and logistics industry providing the perfect combination to build a seamless and scalable 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” says Alexia Arts, Principal at MMC Ventures.
Tel.: +44 207 562 4444
Loadsure, an international Insurtech Managing General Agent (MGA) and Lloyd’s coverholder, leverages AI and automation to provide an industry first: pay-as-you-go, digital insurance for brokers, shippers, and carriers. Through Loadsure.net and leading TMS platforms, transactional coverage can be automated—or secured in less than 40 seconds—with claims resolved in minutes. Visit loadsure.net.
ABOUT MMC VENTURES
MMC funds and helps scale technology companies that are transforming today’s markets. It has been backing transformative tech companies from the Seed and Series A stage since 2000. MMC commits to a deep understanding of each company’s underlying technology and business model to help make better decisions and be more effective partners. Transformative technology companies MMC has backed to date include Copper, Gousto, Interactive Investor, NewVoiceMedia, Ably, Current Health, Signal AI, Bloom & Wild and Peak. Explore MMC’s research and other actionable insights at www.mmc.vc.
ABOUT INSURTECH GATEWAY
The Insurtech Gateway is the only investor with its own FCA authorised incubator + fund, the Insurtech Gateway is the fastest place to build and launch an insurtech idea. The insurance industry has so many barriers to entry, founders often run out of energy and money just trying to get in. The Gateway is a one-stop-shop for founders, where they can get underwriting paper, investment capital and advice on how to design and build their startup, all surrounded by great insurance partners. The Gateway fund supports the portfolio post-incubation, to Series A and beyond. Check out the full portfolio. Insurers often struggle to innovate within their own businesses, the Gateway enables insurers to do this in a safe environment. They facilitate insurers, technology partners and insurtechs to get to know each other and work together, over the whole duration of building a business. The Gateway would like to meet early-stage founders with game-changing ideas or products, and progressive (re)insurers who are interested in collaboration. Visit insurtechgateway.com.
Crowley is a privately held, U.S.-owned and -operated maritime, energy and logistics solutions company serving commercial and government sectors with more than $2.5 billion in annual revenues, over 170 vessels mostly in the Jones Act fleet and approximately 7,000 employees around the world – employing more U.S. mariners than any other company. The Crowley enterprise has invested more than $3 billion in maritime transport, which is the backbone of global trade and the global economy. As a global ship owner-operator and services provider with more than 130 years of innovation and a commitment to sustainability, the company serves customers in 36 nations and island territories through four business units: Crowley Logistics, Crowley Shipping, Crowley Solutions and Crowley Fuels. Additional information about Crowley, its business units and subsidiaries can be found at www.crowley.com.