Insurtech Buckle attracts $31m funding from HSCM and Eos Ventures

US-based technology-driven insurance and financial services company Buckle has raised $31 million through its Series A funding round co-led by HSCM Bermuda and Eos Venture Partners.

Buckle aims to address gaps in conventional insurance policies for gig workers.

The company said it will use the funding to reinvent the insurance model with new sources of data to underwrite risk, in order to make insurance affordable and accessible for rideshare drivers.

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 programme through a partnership with Lyft.

In June, Buckle acquired the Gateway Insurance Company, including its 47 state insurance licenses. It is now expanding insurance coverage to include transportation network companies (TNCs), traditional taxi, limo, and livery businesses using the Curb app.

Buckle also plans to launch other products and partnerships as it expands nationwide.

Dustin Walsey, co-founder of Buckle, said: “Whether rideshare drivers are on duty or driving their family around on personal time, Buckle will have them covered. We are excited to offer comprehensive, easy-to-understand insurance to active rideshare drivers for overall better personal protection.”

Vikas Singhal, partner and CIO of insurtech at HSCM Bermuda, said: “The ride-hailing market is expected to grow globally to approximately $260 billion by 2024. 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."

Jonathan Kalman, founding general partner at Eos Venture Partners, commented: “The rideshare and dispatched delivery markets need specialized insurance expertise. Buckle has built a comprehensive insurance solution to this growing market.”