Buckle Raises $31M for Gig Economy Insurance Innovation Play

The funding will be used to reinvent the insurance model with new sources of data to underwrite risk, making insurance comprehensive, affordable, and easy to obtain for rideshare drivers.

(Image source: Buckle homepage.)

Buckle, a Jersey City, N.J.-based 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 (London). Addressing gaps in conventional insurance policies that leave gig workers underinsured, Buckle says it 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.

Dustin Walsey, Co-Founder, Buckle.

“Whether rideshare drivers are on duty or driving their family around on personal time, Buckle will have them covered,” comments Dustin Walsey, co-founder, 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 (San Francisco).

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.

Global Rideshare Market at $260B by 2024

Vikas Singhal, Partner and CIO, Insurtech, HSCM Bermuda.

“The ride-hailing market is expected to grow globally to approximately $260 billion by 2024,” says Vikas Singhal, Partner and CIO, Insurtech, 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 reports that it plans to launch other products and partnerships as it expands nationwide.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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