Founders Fund and Khosla Ventures co-led the round, which also included participation from SoftBank’s SB Opportunity Fund, hedge fund manager Bill Ackman, Shrug Capital, Steve Pagliuca (Bain Capital co-chairman and Boston Celtics owner), and Tiny Capital’s Andrew Wilkinson. Existing backers such as Nextview Ventures and Florida Funders also invested, in addition to several insurance and logistics groups such as Flexport.
The startup’s self-proclaimed mission is to provide companies of all sizes — from startups to multinational corporations — with insurance infrastructure. Think of it as a ‘Stripe for insurance’, its founders say. Lula offers technology-enabled tools such as customer vetting, fraud detection, driver history checks, policy management, and claims handling through its insurance partners. It has a waiting list of nearly 2,000 companies and raised its funding to fulfill that demand.
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