A Cincinnati-based startup founded by a St. Xavier High School alumnus has raised more than $2 million in fresh funding to help further develop its modern-day insurance product for the trucking industry.
LuckyTruck, which helps commercial trucking companies purchase and manage insurance, announced Thursday it raised a $2.4 million seed extension. The raise brings LuckyTruck's total funding to $6.5 million.
The extension was led by New York’s Candid Insurance Investors, an angel network of CEOs in the property and casualty insurance industry.
Parker Beauchamp of Markd, a Boulder, Colo.-based insurance-focused venture capital firm, also made a significant contribution to the round, LuckyTruck said in a release, with participation from San Francisco’s Draper University Ventures and SiriusPoint, headquartered in Bermuda.
The raise comes a couple weeks after the company tapped a new CEO: Julie Zimmer, former head of insurance at Flexport, a billion-dollar supply chain management and logistics firm. She’s served as a LuckyTruck adviser and board member since 2019.
With the hire, founder Devin Bostick has switched over to the role of president, where he’ll focus on the company’s capitalization, vision and brand, per a LinkedIn post. He said Zimmer is the “best person to scale LuckyTruck through this incredible phase of growth.”
Zimmer brings more than 30 years of experience in insurance and insurtech. Prior to Flexport, she served as chief operations officer at Embroker and ran insurance broker HUB International's global middle market team.
"I see LuckyTruck at the forefront of the digitization of commercial trucking insurance," Zimmer said in the release. "The growth of the business under Devin's leadership has been tremendous — I'm looking forward to building on his mission."
LuckyTruck, launched in 2019, offers the first all-in-one retail platform exclusively focused on the trucking insurance market.
The company brings together all the pieces of the insurance purchase and management processes in one digital platform, leveraging data and automation — offering an alternative to an often slow, difficult and paper-laden process.
LuckyTruck has experienced unprecedented growth in 2022. Its distributed team has grown from 25 employees in January to more than 60 in October with more than 700 active customers. The company's corporate address is located in Columbia Tusculum.
