Parsyl Secures $20M in Series C Funding to Revolutionize Cargo Insurance Solutions

Parsyl Secures $20M in Series C Funding to Revolutionize Cargo Insurance Solutions

Parsyl, a prominent cargo insurance provider based in the US and London, has successfully secured $20 million in a Series C funding round. This investment aims to enhance their marine cargo coverage services, which are pivotal for goods in storage and transit.

Funding Round Led by The Lightsmith Group

The recent funding round was led by The Lightsmith Group, with contributions from several notable investors, including HSCM Ventures, GLP Capital Partners, Lineage Ventures, and FirstTracks Ventures.

About Parsyl

Founded in 2017, Parsyl operates as a managing general underwriter (MGU) and runs its own managed syndicate at Lloyd’s of London. The company is recognized for leading one of the largest marine cargo consortia in the London market.

Goals of the New Funding

The newly acquired capital will be utilized to:

  • Enhance Team and Technology: Strengthening their workforce and tech infrastructure.
  • Expand Underwriting Appetite: Broadening their capacity to underwrite various cargo risks.
  • Enhance Product Offerings: Developing new insurance products tailored to client needs.
  • Enter New Geographies: Expanding their reach into new markets to support global supply chains.

Support for Critical Supply Chains

Parsyl’s mission is to bolster critical supply chains across diverse industries and regions. The company collaborates with over 20 third-party capacity providers, including those involved in delegated underwriting, consortia, and reinsurance.

CEO’s Vision for the Future

Ben Hubbard, CEO and co-founder of Parsyl, expressed enthusiasm for the investment, stating, “We are thrilled to have the support of The Lightsmith Group and our existing investors. This funding validates our vision and will enable us to continue innovating.”

READ ALSO  Edera Secures $15M Series A Funding to Revolutionize AI Infrastructure Security

Addressing Climate Change Challenges

Jay Koh, managing director of The Lightsmith Group, emphasized the importance of climate resilience, noting, “Climate change is disrupting complex supply chains. Parsyl provides clients with a dynamic solution to this dynamic problem.”

To date, Parsyl has raised approximately $66 million through various funding rounds, reinforcing its commitment to innovative insurance solutions. For more information about Parsyl and their services, you can visit their official website.

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