InsurTech MGA Loadsure has closed an £8.4 million Series A funding round.
The London company says its embedded solution – described as the industry’s first transactional cargo insurance platform and automated claims process – works at the speed of the supply chain and empowers brokers to profitably service a larger market.
The round was led by MMC Ventures alongside Crowley, a global maritime, energy, and logistics company, and existing investor Insurtech Gateway.
“We’re delighted to partner with MMC Ventures, Insurtech Gateway and Crowley in driving meaningful change for the freight industry – especially now as it continues to wrestle with supply chain disruption and pandemic uncertainty,” said Loadsure CEO Johnny McCord.
“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.”
Alexia Arts, principal at MMC Ventures, added: “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.”