UK insurtech startup Setoo pulls in $9.3 mln Series A

London-base insurtech startup Setoo has raised $9.3 million in Series A funding. The lead investor was Kamet. PRESS RELEASE New York, September 18, 2018: Groundbreaking insurance and protection-as-a-service company, Setoo, today announced it has closed an €8 million (±$9.3 million) Series A funding round, bringing the total amount raised to date to €10.3 million (±$12 million). The main investor in this and the seed round is Kamet, AXA’s Insurtech startup studio. Setoo is disrupting the insurance market by enabling e-businesses to create and sell great protection tailored to the consumers’ needs and fit for the digital age. In today’s digital world consumers expect businesses to provide services that are tailored to their exact needs and deliver a great customer experience. Whilst consumers have concerns for which they would like to buy protection, they are increasingly unwilling to spend money on what they see as irrelevant insurance products
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Pie Insurance raises $11 mln from Greycroft, Aspect Ventures, Sirius Group, Moxley Holdings, Elefund

Pie Insurance said it raised $11 million of Series A capital in a round led by Greycroft and joined by Aspect Ventures and existing investors Sirius Group, Moxley Holdings, and Elefund. A press release follows:   Pie Insurance Secures $11 Million Series A Funding to Rapidly Expand SMB Workers’ Compensation Insurance Offering Greycroft and Aspect Ventures Join Existing Investors to Bolster Geographic Expansion and Scale Operations Washington, DC – Pie Insurance (www.pieinsurance.com) today announced the completion of an $11M Series A funding round. The round was led by Greycroft, and included participation from Aspect Ventures, as well as existing investors Sirius Group, Moxley Holdings, and Elefund. Founded in May 2017, Pie Insurance has disrupted the small business (SMB) workers’ compensation market with frictionless, near-instant online direct distribution. The company built a full stack managing general agent (MGA) operation and secured the necessary regulatory approvals in less than 12
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Palladium to sell Pronto Insurance to Risk Placement Services

Palladium Equity Partners LLC has agreed to sell Pronto Holdco LLC, the parent company of Pronto Insurance, to Risk Placement Services Inc., a unit of Arthur J. Gallagher & Co. No financial terms were disclosed. William Blair & Company was financial adviser to Pronto on the deal. Pronto is a provider of personal automobile insurance for consumers throughout Texas, California and Florida, with a special focus on serving the Hispanic community. PRESS RELEASE Brownsville, Texas, May 10, 2018 ‒ Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a private investment firm with over $2.7 billion in assets under management, today announced that one of its affiliated funds has signed a definitive agreement to sell Pronto Holdco LLC, the parent company of Pronto Insurance (Pronto), a full-service Managing General Agency (MGA), broker and claims administrator, to Risk Placement Services, Inc., a unit of Arthur J.
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Innoviz Technologies rakes in $73 mln

Israel-based Innoviz Technologies, a provider of LiDAR sensing solutions for self-driving vehicles, has raised $73 million in funding. The investors were Samsung Catalyst and SoftBank Ventures Korea. PRESS RELEASE KFAR SABA, ISRAEL — October 31, 2017
— Innoviz Technologies, a leading provider of LiDAR sensing solutions designed for the mass commercialization of autonomous vehicles, announced today an extension of its recent Series B funding round. Bringing the round to $73 million in total, the new funding comes from strategic investors Samsung Catalyst, a Samsung Electronics early stage venture capital fund, and from SoftBank Ventures Korea, a SoftBank Group early stage venture capital arm based in Seoul. Innoviz previously announced Series B funding from Delphi Automotive PLC (NYSE: DLPH), Magna International (NYSE: MGA), 360 Capital Partners, Glory Ventures, Naver and others, in addition to all Series A investors. The follow-on funding comes as Innoviz’s LiDAR (Light Detection and Ranging) solution
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Orchid Underwriters buys Coastal Agents Alliance

Orchid Underwriters Agency LLC said Tuesday it has acquired Coastal Agents Alliance. Financial terms weren’t announced. West Atlantic City, New Jersey-based Coastal Agents is a managing general agent that specializes in catastrophic coastal exposed E&S homeowners’ solutions and currently writes in the Northeast and Mid-Atlantic. Orchid is a portfolio company of Gryphon Investors. PRESS RELEASE VERO BEACH, Fla.–(BUSINESS WIRE)–Orchid Underwriters Agency, LLC (Orchid), a leading specialty underwriter of excess & surplus (E&S) insurance focusing on coastal properties, today announced that it has acquired Coastal Agents Alliance (Coastal), a market leading managing general agent (MGA) based in West Atlantic City, New Jersey. Coastal specializes in catastrophic coastal exposed E&S homeowners’ solutions and currently writes in the Northeast and Mid-Atlantic. Terms of the transaction were not disclosed. Orchid was acquired by Gryphon Investors, a San Francisco-based middle market private equity firm, in November 2014. The acquisition of Coastal expands Orchid’s reach
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Peloton Technology nabs $16 mln Series A

Peloton Technology, a vehicle systems maker that provides advanced safety, fuel savings and analytics to trucking fleets, has raised $16 million in Series A funding. DENSO International America and Intel Capital led the round with participation from other investors that included Magna International, Castrol innoVentures, Volvo Group Venture Capital and UPS Strategic Enterprise Fund. PRESS RELEASE Peloton Technology, a developer of vehicle systems that deliver advanced safety, fuel savings and analytics to trucking fleets, today announced the closing of a $16 million oversubscribed Series A investment round led by DENSO International America and Intel Capital. Financing from venture capital funds and industry investors including Magna International, Castrol innoVentures, Volvo Group Venture Capital and UPS Strategic Enterprise Fund will accelerate Peloton’s development and deployment of truck platooning technology for the U.S. and international trucking industries. “Peloton’s truck safety and platooning technology has the potential to dramatically improve highway
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Car startup Zubie revs up $8 mln

Zubie said Monday that it has secured $8 million in funding. The investors included Nokia Growth Partners, Magna International, Castrol innoVentures, Comporium and OpenAir Equity Partners. In addition to the funding, Paul Asel of NGP has been added to its board of directors. Headquartered in Charleston, SC, Zubie is a connected car service. PRESS RELEASE CHARLESTON, SC–(Marketwired – Aug 11, 2014) – Zubie, a leading startup in the emerging connected car space, today announced it has raised $8 million to empower drivers, improve auto safety, and make driving more affordable. The funding will boost the development of Zubie’s unique car and driver management system which includes robust trip and vehicle analytics. Along with the investments from NGP and Magna International, Zubie also announced that NGP Partner Paul Asel has joined its Board of Directors. The funding and addition of Paul to the board underscore the strength of Zubie’s innovative business model and the promise of the connected car market, which is expected to reach $131 billion by 2019. Existing Zubie investors Castrol innoVentures, Comporium and OpenAir Equity Partners also participated in the funding round. “The Connected Car Fund anticipates the potential for disruptive innovation in the automotive sector as the most significant unconnected mobile asset comes online,” said Paul Asel. “We are delighted to inaugurate the Connected Car Fund with an investment in Zubie. Zubie has a proven management team and promising technology that offers the potential to help transform our driving experience as it integrates more deeply with carmakers over time.” Zubie offers drivers peace of mind with a platform that enables remote services with a high level of data integrity. Zubie’s AlwaysSmart™ proprietary technology extracts and analyzes data about driving behavior and engine health in order to provide safety and cost recommendations. Zubie’s expanding customer base and partnerships with numerous Fortune 100 companies will continue to propel global adoption. NGP is a venture capital firm with a distinguished track record in funding mobile and advertising solutions, and its Connected Car Fund includes $100 million dedicated to strategic investments. Magna International Inc. is a leading global automotive supplier which is focused on delivering game-changing innovations to its customers and the automotive industry overall. “The era of the connected vehicle is expected to change the automotive landscape and create new value-creation opportunities for auto suppliers, inventors, startup companies and owners of intellectual property. Magna is investing in technologies, such as Zubie, that have the potential to deliver novel solutions to the automotive market,” said Swamy Kotagiri, Chief Technical Officer, Magna International. “We are honored to receive support from NGP and Magna. These companies share our views on the potential of the market and the right strategy to drive mass consumer adoption — making them the perfect partners to help us grow,” said Tim Kelly, CEO, Zubie. “In conjunction with our investors, Zubie will help global consumers and fleet owners alike to make driving smarter, safer and more affordable.” Zubie can be purchased online through Zubie.com, Amazon, Best Buy and Newegg. About Zubie
Zubie is a connected car service focused on making driving easier, safer and less expensive for consumers and businesses. The company was formed in 2012, and is headquartered in Charleston, SC, with operational offices in the Minneapolis area. About Castrol innoVentures Castrol innoVentures is the innovation and venturing arm of Castrol. Based in the UK with a global remit, it seeks out and invests in new business opportunities to support Castrol’s core lubricants business and to develop options beyond lubricants. Visit www.castrolinnoventures.com for more information. About Comporium
Comporium is a privately owned, diversified communications company with businesses that enable convergence of content with screens. Comporium focuses on providing technologically advanced services that its customers demand. Its investments combine data, switching, transport and intellectual property that recognize the emerging importance of the interconnected world. Visit www.comporium.com for more information. About Magna International
Magna is a leading global automotive supplier with 315 manufacturing operations and 82 product development, engineering and sales centers in 29 countries. Magna has over 128,000 employees focused on delivering superior value to its customers through innovative products and processes, and World Class Manufacturing. Magna’s product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Magna’s Common Shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information visit www.magna.com. About Nokia Growth Partners
Nokia Growth Partners invests in companies that are changing the face of mobility, communications and the internet. NGP offers industry expertise, capital and an extensive network, enabling entrepreneurs to build disruptive, industry-changing companies and take them to the global market. With offices in the US, Europe, India and China, NGP extends the reach of companies making their products and services local everywhere. Visit www.nokiagrowthpartners.com for more information. About OpenAir Equity Partners
OpenAir Equity Partners is a venture capital firm focused on high growth, early stage companies in technology, mobile, and communications. The OpenAir team is comprised of mobile pioneers with a collective 65 years of mobile industry operating experience and 22 years of investing experience. Visit www.openairep.com for more information.