Redkik, a global software company with the mission to simplify and improve the marine cargo insurance industry with technology today announced the closing of a $3.3 million Seed funding round.
Co-led by Greenlight Re Innovations and MS&AD Ventures, with participation from Fintech Ventures Fund, Plug and Play, and existing investor North Karelia Growth Fund managed by Redstone. This funding round will accelerate Redkik’s growth and the value they offer in bringing per shipment cargo insurance to the global market.
The value of bringing on strategic investors goes beyond additional working capital, adding further resources and (re)insurance expertise to revolutionize cargo insurance for the transportation and supply chain industry. Redkik plans to continue with cutting edge research and development to firmly secure their position as the leader in per shipment cargo insurance.
“Insurance for shipping is still determined the same way as 30 years ago, with little to no automation, and outdated IT solutions. This results in low efficiency, double-keying, high overhead costs, and complexity for every party within the supply chain. Our mission is to bring intelligence to insurance and make it simple to secure goods and loads.
Most annual policies are based upon 12-month forecasts and the policyholder has to pay the premium upfront. Redkik’s technology coupled with our strategic partners’ insurance placement offering facilitates change to the old structure and we are excited to present this groundbreaking, collaborative solution to the transportation industry.” said Chris Kalinski, Founder and CEO of Redkik.
“Redkik is transforming how cargo insurance policies are structured and distributed. We believe the future of cargo insurance is in embedded, point-of-sale solutions and, therefore, we are excited to welcome Redkik to our growing portfolio of Insurtech companies,” said Brian O’Reilly, Head of Innovations at Greenlight Re Innovations.
“Redkik is upgrading the cargo insurance space. Their solution uses data analytics and artificial intelligence to better serve customers through personalization, empowering brokers and carriers and increasing revenue streams for freight forwarders. We love investing in companies that create a more seamless experience for users,” said Tiffine Wang, Partner at MS&AD Ventures.
Redkik will be building on their partner base across the USA, Canada, Latin America, SE Asia and Europe. Redkik would be delighted to hear from freight forwarders, transport intermediaries, technology integration partners, and insurance partners.
Source: Insurtech Insights, 14 february 2022.