Stable raises $3.3 million
Stable Insurance, the insurance startup targeting rideshare, carshare, and delivery vehicle owners, has raised $3.3 million from MLTPLY, and Brooklyn Bridge Ventures.
Founded in 2018, the Brooklyn-based startup is planning to launch in Illinois this spring and expand into several other states throughout the year.
In addition to insurance, Stable offers tools and analytics to owner operators and growing fleets. The analytics available on Stable’s dashboard offer a “holistic view of risk levels and profitability metrics.”
Stable works with Resolute Global Partners as its insurance partner.
“There is a lack of insurance built specifically for new types of mobility use, and unless you’re a large fleet, you don’t have access to tools to run your business more intelligently. We realized both are needed to create a truly differentiated product for these vehicle owners. Teaming up with MLTPLY allows us to save months or years merging insurance operations with our tech and enables us to hit the ground running and quickly expand state by state.” – Stable co-founder Doug Ver Mulm.
“MLTPLY exists to help innovators like Stable realize value by freeing them from time-consuming core business functions so they can focus entirely on solving market-changing problems. Doug, Stephen, and John have identified a true pain point and a way for rideshare and carshare vehicle owners to save money and time as they build their business.” – MLTPLY CEO Gloria Guntinas.