Miami-based insurtech Lula secures $35.5 million in a Series B funding round led by NextView Ventures and Khosla Ventures, aiming to broaden its market presence beyond the trucking and auto sectors.
Facts
- Lula raises $35.5 million in Series B funding round.
- Led by NextView Ventures and Khosla Ventures; also joined by Founders Fund, Plug and Play Ventures, Steve McLaughlin, and Steve Pagliuca.
- Established in 2020, Lula provides API-based tools for risk, claims, policy management, and insurance coverage access to the trucking and auto industries.
- Collaborates with insurance providers, offering essential infrastructure for insurance operations, including customer vetting, fraud detection, driver history checks, policy management, and claims processing.
- Following an $18 million Series A round in July 2021, Lula’s Series B funding signifies investors’ growing confidence in its growth trajectory.
- Lee Hower from NextView Ventures emphasizes Lula’s scalable insurtech solution as a key factor in increased investment.
- Lula’s customer base has grown from 99 businesses in Feb 2022 to nearly 4,000 companies by July 2023, with a reported 20-fold increase in monthly revenue during the period.
- The funding will not only expand Lula’s user base but also facilitate expansion into new sectors beyond trucking and auto.
- Michael Vega-Sanz, Lula’s co-founder, highlights the funding’s role in providing improved insurance offerings to an underserved global population.
