Buckle raises $31 million

Buckle, the company combining personal and rideshare driving in one policy, has raised $31 million in a Series A round co-led by HSCM Bermuda and Eos Venture Partners.

In 2019, Buckle launched its core rideshare insurance policy that combines personal and commercial coverages, in collaboration with Munich Re’s Digital Partners. Earlier this year, it expanded the program through a partnership with Lyft.

In June, Buckle announced the acquisition and recapitalization of Gateway Insurance Company, including its 47 state insurance licenses. Now, through Gateway, Buckle is expanding insurance coverage to include transportation network companies, traditional taxi, limo, and livery businesses using the Curb app.

Buckle is featured in the Lyft site alongside GEICO and the company’s other insurance partners that include Latitude, Travelers, Progressive, State Farm, and Sedgwick. To get a quote, drivers connect their Lyft account with Buckle to prove that their account is active. Drivers then enter the car info, VIN number, and driver’s license information.

“Whether rideshare drivers are on duty or driving their family around on personal time, Buckle will have them covered. We are excited to offer comprehensive, easy-to-understand insurance to active rideshare drivers for overall better personal protection.” – Dustin Walsey, cofounder of Buckle.

“The ride-hailing market is expected to grow globally to approximately $260 billion by 2024. As the market grows, demand for straight-forward and affordable insurance coverage for both providers and TNCs will grow with it. We’re excited to help the Buckle team take the company to the next level.” – Vikas Singhal, Partner and CIO of Insurtech at HSCM Bermuda.

“The rideshare and dispatched delivery markets need specialized insurance expertise. Buckle has built a comprehensive insurance solution to this growing market.” – Jonathan Kalman, Founding General Partner at Eos Venture Partners.

Buckle plans to launch other products and partnerships as it expands nationwide.