Parsyl raises $25M Series B to expand insurance and risk management for essential supply chains
Denver, CO -- Thursday, January 27 – Parsyl, Inc., a data-powered insurer of essential supply chains, is announcing $25M in new funding to expand its cargo insurance and risk management solutions. The Series B financing is led by HSCM Ventures, the venture capital arm of Hudson Structured Capital Management Ltd., which specializes in the insurance and transport sectors. Other participants in the round include strategic investors Lineage Ventures, the technology investment arm of Lineage Logistics, Flexport Ventures, several executives from the insurance and perishable food industries, and existing investors GLP Capital Partners and Luna, the investment fund of Lucy Ana Walton.
Parsyl redefines insurance for the $4 trillion of perishable food and pharmaceuticals shipped annually by using granular supply chain data to identify and manage risk and reduce waste of essential goods. Parsyl works with several of the world's largest logistics companies and insures food, vaccines and other health commodities that are shipped to more than 80 countries. Parsyl’s risk management technology is currently monitoring vaccines for nearly 200 million people.
Simultaneous with the funding, Parsyl is launching a US-based Managing General Underwriter (MGU). Parsyl also is expanding the scope of its impact-focused syndicate at Lloyd’s of London, Syndicate 1796.
“Parsyl acts at the intersection of insurance, technology, and social impact,” said Adrian Jones, Partner at HSCM Ventures who joins Parsyl’s Board of Directors. “Parsyl’s risk management and insurance solutions help ensure that cold chains are maintained for vaccines, that perishable food arrives unspoiled by temperature, and that financial protection is in place in case of damage.”
“People everywhere depend on cold chains to deliver the food we eat and the medicine we need. But too often, a lack of data leads to unnecessary waste, devastating financial loss and restrictive insurance,” said Ben Hubbard, co-founder and CEO of Parsyl. “We use ground-truth data to strengthen supply chain risk management and provide tailored insurance protection at a time when the global supply chain is in crisis and effective vaccine distribution is increasingly urgent.”
With the only integrated supply chain monitoring and insurance solution on the market, Parsyl uses granular data to help customers manage, mitigate, and insure complex supply chain risks. Parsyl collects supply chain data from its sensing devices and other sources and transforms that data into actionable insights and deep analytics that power tailored underwriting. Cargo claims can be paid in as little as two days using data from Parsyl’s sensors without requiring a loss survey. Parsyl’s data, insights and insurance help clients reduce waste, avoid losses and generate insurance savings.
Parsyl is an approved Coverholder at Lloyd’s of London and owns Syndicate 1796, the first mission-driven Syndicate at Lloyd’s. As a coverholder and syndicate owner at Lloyd’s, Parsyl issues policies for Lloyd’s (rated “A”) and other insurers rated “A” or better. Parsyl’s products include ColdCoverⓇ, a suite of connected cargo insurance products, including the industry’s first parametric temperature solution. Syndicate 1796 anchors the Global Health Risk Facility, which insures the storage and distribution of Covid-19 vaccines and other life-saving health products to developing countries, especially in sub-Saharan Africa. Parsyl’s insurance coverages include Cargo and Stock Throughput, Shipper’s Interest, Cargo Legal Liability, Warehouse Legal Liability, Open Lot and Errors and Omission.
Parsyl’s solutions are used by shippers, retailers, equipment manufacturers, logistics providers, digital platforms and other supply chain partners responsible for essential goods, including leading seafood and other perishable foods companies, Gavi, the Vaccine Alliance, Africa Centres for Disease Control and Prevention (Africa CDC) and multiple African Ministries of Health.
Parsyl is the 2021 Insurance Innovation of the Year award winner from both the European Risk Management Association and Insurance Insider in recognition of Parsyl’s leadership of the Global Health Risk Facility, launched in response to the Covid-19 pandemic. Parsyl is one of Food Logistics Magazine’s 2021 Top Tech and Software Providers and a Top Green Provider.
Parsyl is a fully integrated, data-powered insurer for essential supply chains. Our vision is to build a world where everyone, everywhere can trust the quality of goods they rely on, from the foods they eat to the medicines they need. Parsyl’s combined IoT and software solution helps customers understand, mitigate and insure risks to goods as they move through the supply chain, both in transit and storage. Customers have the option of using Parsyl’s proprietary sensing devices or can integrate their own devices or data feeds with the Parsyl platform. Parsyl is based in Denver, CO and can be found at parsyl.com or @ParsylHQ.
About HSCM Ventures
HSCM Ventures is the venture capital arm of Hudson Structured Capital Management Ltd., doing its re/insurance business as HSCM Bermuda (“HSCM”). HSCM is a registered investment adviser focused on alternative investments in the Re/Insurance and Transportation sectors. As of December 31, 2021, HSCM has more than $3 billion in assets under management and committed capital. For more information, please visit www.hscm.com.