The USD 4.75 million in seed investment has been closed, according to Boundless Rider Insurance Agency LLC (“Boundless Rider”). The Cross Country Group, SiriusPoint, and Belmont Capital also participated in the round, which American Family Ventures headed. In March 2021, Boundless Rider raised a USD 2 million pre-seed round that was previously undisclosed, bringing the startup’s total funding to USD 6.75 million.
To offer the 20 million riders of motorcycles, e-bikes, ATVs, UTVs, and snowmobiles an insurance option that suits their requirements, Boundless Rider was established. Investment in innovation, digitization, and the claims experience has lagged for “niche” vehicles due to many property & casualty insurance companies’ concentration on the core product lines of auto and homeowners insurance. Boundless Rider is introducing a cutting-edge insurance product to the market that can be used in conjunction with an optional smartphone app to unlock several first-in-the-industry features and advantages created especially for riders.
According to Blair Baldwin, co-founder, and CEO of Boundless Rider:
“Motorcycle insurance hasn’t profited from the rise in technology and data science in the same manner as other insurance product lines.” “With a purpose-built insurance product, engagement platform, and proprietary tech stack, we have a massive opportunity to do right for riders and the ecosystem of partners who support the riding community.”
Beginning in late 2022, Boundless Rider will provide insurance coverage to customers directly and through partners on a state-by-state basis. You’ll be able to purchase a policy online or over the phone if you own a motorbike, a recreational ATV or UTV, a snowmobile, a scooter or moped, a dirt bike, an e-bike, or any of the other listed vehicles.
According to Kyle Beatty, Managing Director of American Family Ventures:
“Blair and his team are introducing something new to the insurance industry: a digitally native motorcycle and powersports product that can be readily integrated with insurers’ core insurance offers.” The team at Boundless Rider has been able to revolutionize the motorcycle insurance experience and provide best-in-class coverage to all different types of riders and the companies that cater to them because of their patented technology.”
The new funding will be utilized to support ongoing data science initiatives, partner integrations, and state expansion. Boundless Rider representatives will be present at Insuretech Connect in Las Vegas, Nevada, from September 20–22, 2022.
The mission of Boundless Rider Insurance Agency LLC (“Boundless Rider”) is to provide riders of specialty vehicles like motorcycles, e-bikes, ATVs, UTVs, and snowmobiles with product innovation, rider centricity, and excellence in claims. The optional Boundless Rider app, powered by a proprietary tech stack, enables a variety of cutting-edge policy innovations that make riders safer, give them more money back, and extend coverage to areas where it is most needed. A wholly owned subsidiary of MileUp, Inc. is Boundless Rider.
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