Insurtech startup Buckle landed $31 million in its Series A round, the company announced last week.
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Buckle provides rideshare drivers with one insurance policy to cover their personal driving as well as rideshare driving. While traditional insurance companies look at factors like age and driving history, Buckle takes other elements about a person’s driving into account, such as their rideshare star rating. Earlier this year, the company introduced a partnership with Lyft to expand its combined insurance coverage.
Based in Atlanta, Buckle is only available for rideshare and gig economy drivers in Georgia, according to the company’s website, but it plans on expanding nationwide.
In June, the company bought Gateway Insurance Co., also acquiring its 47 state insurance licenses, according to a statement from Buckle. With Gateway, Buckle is able to expand its insurance coverage to taxi and limo companies as well as transportation network companies.
Buckle is one of several startups looking to disrupt the insurance space with technology. Funding for insurtech startups reached a five-year high in 2019, with $7.3 billion invested across 548 deals. Dollars going to insurtech companies between January and July 2020 were lower than during the same time period last year, but there’s still plenty of time for that to change.
Illustration: Li-Anne Dias