Fairmatic, a New York and Bangalore, India, and Tel Aviv, Israel-based insurtech 2.0 company, unveiled a unique offering that pioneers an unconventional approach to fleet insurance, to enable savings for safer fleets and improve road safety for all, and raised $42 million in Series A funding.
The round was led by Foundation Capital, along with Aquiline Technology Growth. The company is also backed by insurtech, fintech, and technology industry angel investors, including Yahoo co-founder Jerry Yang; Israeli-American investor and Forbes Midas List 2022 one-man VC Oren Zeev; Hippo Insurance co-founder Assaf Wand; and entrepreneur and multiple unicorn investor Bill Tai.
With an all-star C-suite of insurance and technology innovators, global insurtech emerges from stealth with an oversubscribed Series A to transform performance-priced fleet insurance.
Fairmatic set out to approach risk and underwriting unconventionally by harnessing data and AI to introduce a more personalized insurance option that incentivizes safety with savings. While in stealth, Fairmatic tested its predictive risk model with tens of thousands of paying drivers and has achieved best-in-class underwriting results.
Company: Straight Up Insurance Services, LLC
Raised: $42.0M
Round: Series A
Funding Month: Aug 2022
Lead Investors: Foundation Capital
Additional Investors: Aquiline Technology Growth, Jerry Yang, Oren Zeev, Assaf Wand, and Bill Tai
Company Website: https://fairmatic.com/
Software Category: Data-driven Fleet Insurance
About the Company: Founded in 2017 by Jonathan Matus, a serial technologist who helped launch Android and Facebook mobile, Fairmatic is fundamentally reimagining commercial auto from the ground up to make roads safer, one fleet at a time. Fairmatic is shaping Insurtech 2.0 by delivering the first data-driven fleet insurance that rewards safety with savings. Fairmatic's unconventional approach to fleet insurance leverages AI-powered technology in combination with troves of telematics data to create meaningful cost savings for fleets, safer roads for society, and a profitable business model. Fairmatic's underwriting model has been trained and tested with over 200 billion miles of driving data to help fleets proactively manage safety issues with actionable insights. Fairmatic is ramping up to grow its global team with hubs in the US, Israel, and India.
Source: https://www.prnewswire.com/news-releases/fairmatic-raises-42m-to-redefine-commercial-auto-insurance-with-data-and-ai-301615195.html