Oxford, MD, USA & Joensuu, Finland – Feb 9th, 2022 – 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“Insurance for shipping is still determined the same way as 30 years ago, with little to no automation, and outdated IT solutions.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.
Redkik is a global Insurtech start-up with the mission to transform and improve the insurance industry for all parties within logistics and transportation. Redkik’s platform eliminates the need for annual and complex insurance policies. Through Redkik’s embedded integration with licensed cargo insurance providers, transport intermediaries can offer their customers on-demand per-shipment, customized cargo insurance when their freight is booked.
About Greenlight Re
Greenlight Re provides multi-line property and casualty reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment, risk capacity, and access to a broad insurance network.
About MS&AD Ventures
MS&AD Ventures is an early stage global fund headquartered in Silicon Valley, backed by MS&AD Group (Mitsui Sumitomo & Aioi Nissay Dowa). MS&AD focuses on emerging technologies including Fintech, Insurtech, AI, Digital Health, Big Data, and Impact. MS&AD have investments in US, Israel, Singapore/South East Asia, UK, Germany/Europe, Middle East.
About Plug and Play
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we’re present in 35+ locations across 5 continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we’ve invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi.
About Fintech Ventures Fund
Fintech Ventures is an early-stage venture capital firm, founded in 2015 and headquartered in Atlanta, GA, with a presence in New York City. The firm focuses exclusively on investing in entrepreneurs building promising financial services and insurance technology companies. The Fintech Ventures team has over 30 years of collective entrepreneurial and investment experience, with multiple successful exits.