Nirvana raises $57 million

Commercial fleet insurance startup Nirvana Insurance announced a $57 million Series B funding round led by Lightspeed Venture Partners, with participation from General Catalyst and Valor Equity Partners. Last year, the startup secured a $22 million Series A round.

Founded in 2021, Nirvana’s usage-based insurance policies are written on state-admitted, A.M. Best A-rated (Excellent) paper, and backed by a panel of reinsurers. The startup’s Safety Platform features a dashboard with AI-powered monitoring tools, enabling “proactive risk-reducing and cost-saving changes that optimize routing, improve driver coaching, and help avoid fines.”

“Commercial fleets today produce a tremendous amount of data, yet most insurers still insist on a cookie-cutter approach to insurance that does nothing to incentivize safety. Nirvana is bringing insurance into the modern era, changing how the industry considers risk. Their incredible growth is a testament to the opportunities AI and data analytics are opening up in fleet insurance and beyond, especially given that the IoT fleet management market is expected to continue growing.” – Raviraj Jain, partner at Lightspeed Venture Partners.

“In the past few years, most fleets saw their insurance rates rise even though they were doing everything right. We believe they deserve better. Nirvana is changing the paradigm by proving how a better customer experience—lower rates, faster turnarounds for quotes, and access to a full safety platform—is better for business, reflected in our market-leading loss ratio.” – Rushil Goel, co-founder and CEO of Nirvana.