Parsyl raises $20 million

Cargo insurance provider Parsyl has raised $20 million in Series C financing led by The Lightsmith Group, with participation from HSCM Ventures, GLP Capital Partners, Lineage Ventures and FirstTracks Ventures. The startup raised ~$66 million to date.

Founded in 2017, Parsyl operates in the US and London insurance markets through an MGU and its own managed syndicate at Lloyd’s of London, which it utilizes to lead “one of the largest” marine cargo consortia in the London market. The company has more than 20 different providers of third party capacity across its operations including delegated underwriting, consortia, reinsurance and Funds at Lloyd’s capacity providers. Parsyl works with customers of all sizes across a range of industries and geographies to offer marine cargo coverage for goods in storage and transit.

“We are thrilled to have the support of The Lightsmith Group and our existing investors as we continue to grow and innovate. This funding further validates our vision and will enable us to strengthen our team and our technology, while we expand our underwriting appetite, product offerings and geographies to impact more critical supply chains.” – Ben Hubbard, Parsyl CEO and cofounder.

“Climate change is disrupting complex supply chains. Parsyl provides clients with a dynamic solution to this dynamic problem. We are proud to partner with Parsyl as they apply AI and data to help clients address critical supply chain risks. Climate resilience is supply chain resilience.” – Jay Koh, Managing Director of The Lightsmith Group.