LOOP, an Austin, Texas-based new car insurance company, closed on a $21 million Series A funding round co-led by Foundry Group and 01A, the fund of former Twitter CEO Dick Costolo and COO Adam Bain.
The round includes participation from existing investors in Freestyle VC, Blue Fog, Uprising Ventures, and Concrete Rose, and joined by strategic new investment from New Voices Fund and Earn Your Leisure. Rap icon and avid angel investor Nas also participated.
LOOP will use the fund to provide fuel to its AI and the ability to provide more great drivers at a fair price. Also plans to expand its coverage to an additional 10 states over the next 12 months.
Round: Series A
Funding Month: October 2021
Lead Investors: Foundry Group and 01A
Additional Investors: Freestyle VC, Blue Fog, Uprising Ventures, Concrete Rose, New Voices Fund, Earn Your Leisure, and Nas
Company Website: https://www.ridewithloop.com/
Software Category: AI-powered Car Insurance
About the Company: Loop was founded with the belief that insurance should work for everyone. Loop is a Public-Benefit Corporation and insurance provider, using Artificial Intelligence to create more equitable insurance products. Mission-driven car insurance, powered by AI and driven by good. They use our proprietary technology to measure only what matters when you're on the road, so you can have insurance that's honest, transparent, and fairly priced. LOOP moved to Austin earlier this year. They have more than 30 employees and plan to be at more than 100 in the next six months and 1,000 within a year.