Our Investment in Koffie
Today, we are proud to announce that 2048 Ventures has invested in New York-based Koffie alongside Anthemis Group, Lerer Hippeau, Plug and Play Ventures and C2 Ventures.
If presented with any opportunity in the trucking insurance industry, with historical data in hand, you might run for the hills!
Existing coverage can be prohibitively expensive for truck fleets, unprofitable for existing insurers, and time-consuming for brokers. Who wins? Enter Koffie: pairing world class quants and data scientists with top tier legacy underwriters, to build a next gen digital MGA, providing affordable, profitable and instant policies to truckers.
Today, we are proud to announce that 2048 Ventures has invested in New York-based Koffie alongside Anthemis Group, Lerer Hippeau, Plug and Play Ventures and C2 Ventures. And we are prouder to back an stand-out team, led by two exceptional founders, who have very naturally have data and truck brokerage racing through their veins.
Mike Dorfman was born into the 4th generation of family trucking and transportation insurance brokerage. He holds multigenerational relationships with motor carriers, insurance carriers, and is closest to the recurring insurance-related frustrations. CEO Ian White has been data driven for the past 15+ years, across both entrepreneurial endeavors in the mapping industry, and in a senior role, providing alternative data to identify unique trading signals for the hedge fund industry.
For those not familiar, this market is vast and growing - 2/3 of all goods travel by road in the U.S., according to the Bureau of Transportation Statistics. Commercial auto is $100B of annual premium, and it is massively fragmented, with the exception of one player just above 10% share.
“Trucking insurance today is a mess and one of the primary reasons that a trucking company goes out of business,” said Ian White, Koffie CEO. “We are excited to unveil an entirely new insurance experience for an industry that has been neglected by insurers for a long time,” added Mike Dorfman, Koffie COO.
Data is the underpinning of Koffie’s advantage, as the company underwrites fleets using constant proprietary data - at all levels: mechanical (vehicle), tech features, operational and driver. The Company is constantly processing granular data on over 20 million (!) commercial vehicles, and their related services and operations. Koffie’s AI-driven predictive models, which underwrite dozens of safety features, allow the company to also build insurance for emerging risks like the future of autonomous trucks.
And with the integration of safety tech into underwriting, pricing and loss control, the Company is also on a mission to eliminate preventable truck crashes. Using its real time data and ML models, Koffie delivers instant and tailored policies to truckers that invest in safety tech, and rewards them with lower premiums.
Stay tuned as Koffie revolutionizes the truck insurance with their fresh offerings!
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