Loop, a managing general agency InsurTech focused on auto insurance, raised $21 million in new financing from multiple investors to help fuel ongoing expansion plans into additional states.

“Their support gives us the ability to fiercely accelerate our growth and expansion of the mission,” Loop Co-CEO and co-founder John Henry said in a LinkedIn posting announcing the news. “It’s hard to describe the combination of emotions felt at this point: excited, humbled, reverence, scared (!) – but mostly, ready to do the work.”

[Read more: Is Loop the Future of Automobile Insurance?]

Carey Anne Nadeau, John Henry. Cofounders & Co-CEOs

Henry and the company’s announcement also both pointed out that this was one of the largest “A” rounds raised by a founder of color or female founder. Henry and Co-CEO/Co-founder Carey Anne Nadeau brought the startup out of stealth mode earlier in 2021 after more than five years of development.

A diverse group of investors participated in the Texas-based company’s Series A Round, which was co-led by Founder Group and 01A, the fund of former Twitter CEO Dick Costolo and COO Adam Bain. Existing investors Freestyle VC, Blue Fog, Uprising Ventures, and Concrete Rose, also participated, along with new investors New Voices Fund and Earn Your Leisure.

Rap icon and avid angel investor Nas also participated.

Loop’s Series A comes just 9 months after the close of its $3.25M Series Seed financing.

Loop is set up to sell automobile insurance policies, with premiums priced by telematics-produced driving behaviors and AI-provided data on unsafe road condition – the latter of which is relatively new to the industry. Loop is also formed as a socially conscious B-Corp—a business that balances profit and purpose.

Loop debuted its flagship auto product in Texas in August, and it plans to expand to another 10 states over the next year.

Source: Loop