MLTPLY, a company that helps InsurTech entrepreneurs bring their ideas to market, and Brooklyn Bridge Ventures have co-led a $3.3 million investment in Stable Insurance, an InsurTech startup using technology and new data sources to create fit-for-purpose insurance for owners of rideshare and carshare vehicles.
“There is a lack of insurance built specifically for new types of mobility use, and unless you’re a large fleet, you don’t have access to tools to run your business more intelligently. We realized both are needed to create a truly differentiated product for these vehicle owners,” said Stable Co-Founder Doug Ver Mulm. “Teaming up with MLTPLY allows us to save months or years merging insurance operations with our tech and enables us to hit the ground running and quickly expand state by state.”
Stable’s customers include owners or drivers of vehicles for income generation on a mobility platform, such as Uber, Turo, DoorDash, Amazon Delivery and more. With Stable, customers digitally secure insurance with features specifically tailored to their use and have access to tools that allow owners to run their small business more efficiently.
Founded by Doug Ver Mulm, Stephen Dekker and John Salvucci, Stable will initially serve carshare and rideshare vehicle owners as it launches in Illinois and expands to other states later this year. It is working with ILS Capital Management as its insurance partner.
In addition to insurance, Stable offers tools and analytics for owner operators and growing fleets. The analytics available on Stable’s dashboard offer a view of risk levels and profitability metrics.
Brooklyn Bridge Ventures, a pre-seed fund focused on New York City startups, is co-leading the round with MLTPLY. Notable angel investors include Dave Delaney of Lancer Insurance, VJ Dowling of Dowling & Associates, Christopher Cavallaro and John McKenna from ARC Excess & Surplus, and Harry Campbell, founder of The Rideshare Guy.