Lula, a Miami, FL-based insurtech startup, raised $35.5m in Series B funding.
The round was led by NextView Ventures and Khosla Ventures, with participation from Founders Fund, Steve McLaughlin, founder and managing partner of Financial Technology Partners, Steve Pagliuca, Co-Chair of Bain Capital and Co-Owner of the Boston Celtics, and Plug and Play Ventures.
The company intends to use the funds to expand into new markets outside of the “wheels” space, while also continuing to extend its offerings to its customer base.
Led by Matthew Vega-Sanz, and Michael Vega-Sanz, Lula is a comprehensive insurance platform that aims to reduce insurance premiums and insurance related expenses for businesses of all sizes. The current offerings include customer vetting, fraud detection, driver history checks, policy management, and claims handling through partnerships with trusted insurance providers. By leveraging its services, businesses in sectors such as car rentals, trucking and logistics, car-sharing platforms, and more, can streamline their insurance processes and reduce costs.
The company works with car rental, trucking and logistic companies, and car sharing platforms.
The customer count has surged from 99 companies in February 2022 to nearly 4,000 companies as of July 2023.
