ILS Capital backs Pouch
Small business insurance provider Pouch Insurance has closed a seed round of funding from ILS Capital. As part of the investment, ILS Capital will provide Pouch with access to its portfolio of insurance companies to underwrite policies, access to distribution channels, and operational and development resources and expertise.
Founded in 2020, the company offers commercial auto insurance with a free GPS vehicle tracking software – Force™ by Mojio (“that’s a savings of $180 per vehicle, per year”). Pouch is now available in Illinois and will roll out to additional states in the coming months.
“This capital and our portfolio gives Pouch the freedom to focus on growing its business and a fast track to market. At the same time, Pouch is led by a team rich with proven experience that expands the knowledge and expertise in our portfolio. It also opens up access to the direct-to-business market and telematics, which are highly complementary to what we do. This investment reflects our confidence in Pouch’s leadership and our shared vision. We have every confidence that Pouch will take the ball and run.” – Tom Libassi, Co-Founder and Managing Partner at ILS Capital.
“Insurance presents more hurdles to entrepreneurs than just about any other industry. You not only have to raise capital, you also have to find an insurer to write the policies, not to mention all the regulatory approvals. ILS Capital has given us everything we need to move as fast as possible to take advantage of the opportunities in commercial auto insurance. They helped us bring to market our fresh approach and rewards for safe driving so that we can immediately help businesses protect some of their most valuable assets.” – Steve McKay, Founder and CEO of Pouch.