Redkik, a global software company with the mission to simplify and improve the marine cargo insurance industry with technology, has announced the closing of a $3.3m 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 it offers 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 revolutionise cargo insurance for the transportation and supply chain industry. Redkik plans to continue with cutting-edge research and development to firmly secure its position as a 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“Insurance for shipping is still determined the same way as 30 years ago, with little to no automation, and outdated IT solutions.” said Chris Kalinski, Founder and CEO of Redkik. “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.”
“Redkik is transforming how cargo insurance policies are structured and distributed,” said Brian O’Reilly, Head of Innovations at Greenlight Re Innovations. “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.”
“Redkik is upgrading the cargo insurance space,” said Tiffine Wang, Partner at MS&AD Ventures. “Their solution uses data analytics and artificial intelligence to better serve customers through personalisation, empowering brokers and carriers and increasing revenue streams for freight forwarders. We love investing in companies that create a more seamless experience for users.”
Redkik will be building on its partner base across the USA, Canada, Latin America, SE Asia and Europe, and says it would be delighted to hear from freight forwarders, transport intermediaries, technology integration partners, and insurance partners.