Auto insurance company Loop has raised $21m in a Series A funding round co-led by Founder Group and 01A.
The round also saw participation from Freestyle VC, Uprising Ventures, Blue Fog, Concrete Rose, New Voices Fund and Earn Your Leisure. This Series A comes only 9 months after the firm raised $3.25m in a seed financing round.
Founded in 2020, Loop was established to sell automobile insurance policies with premiums priced by telematics-produced driving behaviours and AI-provided data on unsafe road condition. The company currently has two office locations in Texas.
Loop debuted auto product in August this year and plans to use the newly raised capital to fuel ongoing expansion into 10 new US states over the next year.
Loop co-CEO and co-founder John Henry said, “Their support gives us the ability to fiercely accelerate our growth and expansion of the mission. It’s hard to describe the combination of emotions felt at this point: excited, humbled, reverence, scared – but mostly, ready to do the work.”
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