Boundless Rider Announces $4.75M Seed Funding
Press release | September 21, 2022
Boundless Rider announces $4.75 million in seed funding to reinvent insurance for motorcycle, powersports and e-bike riders.
The following is a press release from Boundless Rider…
Boston, MA (September 20, 2022) – Boundless Rider Insurance Agency LLC (“Boundless Rider”) announced that it has closed $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 $2 million pre-seed round in March 2021, bringing the startup’s total funding 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 hasn’t benefited from the explosion of technology and data science in the same way that other insurance product lines have,” said Blair Baldwin, co-founder and CEO of Boundless. Ride. “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 native digital product for motorcycles and powersports that can be easily paired with insurers’ basic insurance offerings,” said Kyle Beatty, Managing Director of ‘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 attending Insuretech Connect September 20-22, 2022 in Las Vegas, Nevada.
For more information, visit www.boundlessrider.com
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