Boundless Rider Announces $4.75 Million in Seed Funding to Reinvent Insurance for Motorcycle, Powersports and E-Bike Riders

Round was led by American Family Ventures and joined by The Cross Country Group, SiriusPoint and Belmont Capital

BOSTON, September 19, 2022 /PRNewswire/ — Boundless Rider LLC Insurance Agency (“Boundless Rider”) today announced the closure $4.75 million in seed funding. The round was led by American Family Ventures, with participation from The Cross Country Group, SiriusPoint and Belmont Capital. Boundless Rider raised a previously unannounced question $2 million pre-selection round in March 2021bringing the total financing of the startup to $6.75 million.

Boundless Rider was founded to provide the 20 million riders of motorcycles, e-bikes, ATVs, UTVs and snowmobiles with an insurance solution that meets their distinct needs. With many P&C insurance companies focusing on the core product lines of auto and home insurance, investment in innovation, digitization and claims experience has lagged to “specialized” vehicles. Boundless Rider brings to market an innovative insurance product that can be paired with an optional smartphone app to unlock a suite of industry-first features and benefits designed specifically for cyclists.

“Motorcycle insurance has not benefited from the explosion of technology and data science in the same way as other insurance product lines,” said Blair Baldwin, co-founder and CEO, Boundless Rider. “We have a huge opportunity to do good for cyclists and the ecosystem of partners supporting the cycling community with a purpose-built insurance product, engagement platform and proprietary technology stack.”

Boundless Rider will offer coverage directly to consumers and through state-by-state partners beginning in late 2022. Owners of recreational motorcycles, ATVs and UTVs, snowmobiles, scooters and mopeds, dirt bikes and electric bicycles will be eligible to buy a policy online or over the phone.

“Blair and his team are bringing something new to the insurance industry: a digitally native motorcycle and powersports product that can be easily paired with insurers’ basic insurance offerings,” said Kyle Beatty, Managing Director, American Family Ventures. “Boundless Rider’s proprietary technology has enabled the team to modernize the motorcycle insurance experience and provide best-in-class coverage for all types of riders and the brands that serve them.”

The injection of new capital will be used to fund ongoing investments in data science, partner integrations and state expansion. Boundless Rider representatives will be present at Assuretech Connect of September 20-22, 2022 in Las Vegas, Nevada.

About Boundless Rider

Boundless Rider Insurance Agency LLC (“Boundless Rider”) is focused on product innovation, rider focus and excellence in claims to riders of specialty vehicles like motorcycles, e-bikes, ATVs, UTVs and snowmobiles. Built on a proprietary technology stack, the optional Boundless Rider app powers a number of innovative policy enhancements that make passengers safer, put money back in their pockets and extend coverage where they need it most . Boundless Rider is a wholly owned subsidiary of MileUp, Inc.

Media Contact: Jennifer Zimmerman, [email protected]

SOURCE Boundless Rider Insurance Agency LLC

Earnest L. Veasey