Car insurance MGA Loop raises $3.25 million

Loop Insurance , a B-Corp auto insurance MGA that leverages AI, big data, and telematics to create more ‘fairly’ priced insurance products, announced it has closed a $3.25 million seed round led by Freestyle VC, with participation from Blue Fog Capital, Fontinalis Capital Partners, Concrete Rose, Uprising Ventures, and Backstage Capital. Angel investors including Kristen Dickey, Steve Schlafman, Songe LaRon, Craig J. Lewis, Gerard Adams, and Joshua Dorkin also participated.

Founded in 2015,  Loop (a team of ~11) uses real-time data and AI to develop a car insurance price without asking questions about income, credit score, occupation, or level of education. Instead, it measures road safety and driving behavior to price customers more equitably. The app is not yet active.

“The technology and data to assess risk more dynamically have long since been available, but insurers have been slow to adapt.” – Carey Anne Nadeau, Cofounder and Co-CEO of Loop.

“We believe there’s a large market opportunity in pricing people more fairly and building a community-first brand in the auto insurance space.” – John Henry, Cofounder and Co-CEO of Loop.