MMC leads $11 million Series A for embedded insurance product, Loadsure
We are very excited to be backing Loadsure, the embedded insurance solution that works at the speed of the supply chain, in this $11 million Series A funding round.
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.
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.”
Loadsure has also led the way on freight insurance innovation, and it was the first to digitalise the full cargo insurance life cycle, delivering one-click coverage to the U.S. freight industry, and offering an international, per-shipment insurance API.
We led the Series A alongside Crowley and existing investor Insurtech Gateway because we believe that Loadsure is completely modernising the way the freight insurance market is served - offering a fully digital, data-driven, embedded insurance product.
Coupled with the impressive domain expertise of Johnny McCord, Jim Heide and Damith Chandrasekara, we believe this team can drive meaningful change for the freight industry.
MMC Principa, Alexia Arts, had this to say of the investment:
“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.”Alexia Arts, Principal, MMC Ventures
Read more on the Loadsure story via City AM.