Insurtech Startup Lula Raises $35.5M in Series B Funding to Expand Insurance Platform Offerings
MIAMI (PRWEB) August 03, 2023 -- Lula, the innovative insurtech startup known as the "Stripe for insurance," announced today that it has successfully raised $35.5 million in a Series B funding round. The funding round was led by NextView Ventures and Khosla Ventures, with participation from Founders Fund, Steve McLaughlin, founder and managing partner of Financial Technology Partners, Steve Pagliuca, Co-Chair of Bain Capital and Co-Owner of the Boston Celtics, and Plug and Play Ventures.
Lula has quickly evolved from an API-based solution into a comprehensive insurance platform that aims to reduce insurance premiums and insurance related expenses for businesses of all sizes. The platform offers a wide range of tools, including risk management, claims management, policy management, and access to insurance coverage.
Since its last funding announcement in 2021, Lula has achieved remarkable growth in its customer base. The company's customer count has surged from 99 companies in February 2022 to an impressive total of nearly 4,000 companies as of July 2023. This expansion showcases Lula's growing influence in the insurance technology sector and its ability to meet the needs of businesses across various industries.
“We have been working closely with Michael and Matthew since Lula’s inception in early 2020 and with their impeccable product-market fit and a formidable founding team, they are poised to become an undisputed market leader,” said Lee Hower, lead investor and founding partner at NextView Ventures. “Their scalable insurtech solution made our decision to increase our investment an easy one, and we are delighted to continue our support for the company."
The company's monthly revenue has multiplied by 20 times since February 2022. These remarkable financial achievements reflect the trust and confidence that businesses have placed in Lula's insurance platform.
The company works with car rental, trucking and logistic companies, and car sharing platforms. Customers and partners include Kyte, Turo and State National.
Lula’s new funding will be utilized to expand into new markets outside of the “wheels” space, while also continuing to expand its offerings to its growing customer base. Ultimately, Lula aims to address the global insurance gap where less than 10% of the world’s population has access to an insurance product.
Lula's comprehensive insurance platform empowers companies by providing essential infrastructure for managing insurance-related operations. The platform's offerings include customer vetting, fraud detection, driver history checks, policy management, and claims handling through partnerships with trusted insurance providers. By leveraging Lula's services, businesses in sectors such as car rentals, trucking and logistics, car-sharing platforms, and more can streamline their insurance processes and reduce costs.
“Lula’s mission is to make insurance accessible to every person, and business, around the world,” said Matthew Vega-Sanz, Co-Founder, Lula. “Our company was founded with the explicit purpose of eliminating the pain points and operational inefficiencies that have long troubled the insurance industry and we take immense pride in successfully fulfilling this ambitious mission.”
"Today, less than 10% of the world's population has access to an insurance offering,” said Michael Vega-Sanz, Co-Founder, Lula. This funding will allow us to further build and expand so we can continue providing a best-in-class insurance product in the market.”
For more information about Lula and its insurance platform, please visit https://www.lula.com/.
About Lula: Lula has quickly evolved from an API-based solution into a comprehensive insurance platform that aims to reduce insurance premiums and insurance related expenses for businesses of all sizes. The platform offers a wide range of tools, including risk management, claims management, policy management, and access to insurance coverage. For more information about Lula and its insurance platform, please visit https://www.lula.com/.
Tanya Gillogley, Lula, https://www.lula.com/, 1 (855) 852-2886, [email protected]
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