Gig economy insurer Buckle raises $31M in funding

    Buckle, a Jersey City-based insurer of rideshare drivers and gig economy workers, has raised $31 million in Series A funding, it announced Tuesday.

    The company said the funding round was co-led by HSCM Bermuda and Eos Venture Partners, and it will utilize the funds to help it in its quest to reinvent the insurance model with new sources of data to underwrite risk, helping to address gaps in conventional policies that can leave gig workers underinsured.

    “Whether rideshare drivers are on duty or driving their family around on personal time, Buckle will have them covered,” co-founder Dustin Walsey said in a prepared statement. “We are excited to offer comprehensive, easy-to-understand insurance to active rideshare drivers for overall better personal protection.”

    Buckle launched its core rideshare policy, which combines personal and commercial coverages, in 2019 in collaboration with Munich Re’s Digital Partners. Earlier in 2020, it expanded the program through a partnership with Lyft.

    In June, it announced the acquisition and recapitalization of Gateway Insurance Co., helping expand its coverage to businesses using the Curb app.