Insurtech Startup Loop Closes $3.25M Seed Round to Offer ‘Fair Car Insurance For All’
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Loop — an Insurtech startup led by John Henry and Carey Anne Nadeau — announced today that it has raised $3.25 million in seed funding. According to its website, Loop is “building an inclusive future for auto insurance.”
In their announcement, they stated:
“Loop, a B-Corp auto insurance MGA that leverages AI, big data, and telematics to create more fairly priced insurance products, announced today it has closed a $3.25M seed round led by Freestyle VC, with participation from Blue Fog Capital, Fontinalis Capital Partners, Concrete Rose, Uprising Ventures, and Backstage Capital.”
After the events surrounding the death of George Floyd, Nadeau and Henry partnered in July of 2020 to embark on something more meaningful.
“We believe there’s a large market opportunity in pricing people more fairly and building a community-first brand in the auto insurance space,” Henry said in a statement.
Nadeau, co-founder and co-CEO of Loop, also added: “The technology and data to assess risk more dynamically have long since been available, but insurers have been slow to adapt.”
Prior to starting Loop, Henry co-created, produced, and hosted “HUSTLE” for VICE TV, co-founded VC firm Harlem Capital, and served as founder and CEO of Mobile City. Nadeau — an MIT and George Washington University alum — is a statistician and city planner who previously worked as a researcher for the Brookings Institution, and founded and led Ometry, an open data and predictive-modeling company.
To join the waitlist to stay in the Loop, click here.