Buckle Reinvents Insurance Model for Gig Economy with $31 Million Series A Funding
New model uses fresh sources of data to underwrite risks and fills gaps in conventional policies, while making insurance affordable, accessible for rideshare drivers
JERSEY CITY, N.J. — Aug. 4, 2020 — Buckle, a tech-enabled financial services company, has filed its Regulation D and disclosed it raised $31 million through its Series A funding round co-led by HSCM Bermuda and Eos Venture Partners. Addressing gaps in conventional insurance policies that leave gig workers underinsured, Buckle is using the funding to reinvent the insurance model with new sources of data to underwrite risk, making insurance comprehensive, affordable, and easy to obtain for rideshare drivers.
“Whether rideshare drivers are on duty or driving their family around on personal time, Buckle will have them covered,” said Dustin Walsey, co-founder of Buckle. “We are excited to offer comprehensive, easy-to-understand insurance to active rideshare drivers for overall better personal protection.”
In 2019, Buckle launched its core rideshare insurance policy that combines personal and commercial coverages, in collaboration with Munich Re’s Digital Partners. Earlier this year, it expanded the program through a partnership with Lyft.
In June, Buckle announced the acquisition and recapitalization of Gateway Insurance Company (Gateway), including its 47 state insurance licenses. Now, through Gateway, Buckle is expanding insurance coverage to include transportation network companies (TNCs), traditional taxi, limo, and livery businesses using the Curb app.
“The ride-hailing market is expected to grow globally to approximately $260 billion by 2024,” said Vikas Singhal, Partner and CIO of Insurtech at HSCM Bermuda. “As the market grows, demand for straight-forward and affordable insurance coverage for both providers and TNCs will grow with it. We're excited to help the Buckle team take the company to the next level."
“The rideshare and dispatched delivery markets need specialized insurance expertise,” said Jonathan Kalman, Founding General Partner at Eos Venture Partners. “Buckle has built a comprehensive insurance solution to this growing market.”
Buckle plans to launch other products and partnerships as it expands nationwide.
About HSCM Bermuda
HSCM Bermuda is an asset manager focused on investments in the Re/Insurance and Transportation sectors. HSCM was launched in 2016 and focuses on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet and to market financing. For more information about HSCM Bermuda, please visit www.hscm.com.
About Eos Venture Partners
Eos Venture Partners is a global independent Strategic Venture Capital Fund focused exclusively on InsurTech, investing in early and growth stage technology businesses that accelerate innovation and transformation across the insurance industry and value chain. Eos was founded in 2016 to bridge the “digital chasm” between InsurTech start-ups and traditional (re)insurance companies. Investors in the Eos fund, EVP I, are from the insurance sector, forming a close strategic relationship with the Eos team to capture both strategic and financial value from the innovation and technology change in the insurance industry. See more at: www.eosventurepartners.com.
Buckle offers total insurance coverage specifically for rideshare and other gig economy providers and TNCs, looking to get coverage that’s fair and simple. Buckle Rideshare Insurance isn’t a gap product that supplements an existing policy, but replaces a driver’s current auto insurance, providing continuous 24x7 coverage on-and-off the clock with one low rate. Connect with Buckle on Facebook and LinkedIn and visit www.buckleup.com.
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