Boundless Rider Announces $4.75 Million in Seed Funding to Reimagine Insurance for Motorcycle, Powersport and E-bike Riders

Round was led by American Family Ventures and joined by The Cross Country Group, SiriusPoint, and Belmont Capital

BOSTON, Sept. 19, 2022 /PRNewswire/ -- Boundless Rider Insurance Agency LLC ("Boundless Rider") today announced that it has closed $4.75 million in seed funding. The round was led by American Family Ventures, with participation from The Cross Country Group, SiriusPoint, and Belmont Capital. Boundless Rider raised a previously unannounced $2 million pre-seed round in March 2021, bringing the startup's total financing to $6.75 million.

Boundless Rider was founded to provide the 20 million riders of motorcycles, e-bikes, ATVs, UTVs, and snowmobiles with an insurance solution that meets their distinct needs. Since many property & casualty insurance carriers are focused on the core product lines of auto and homeowners insurance, investment in innovation, digitization, and the claims experience has lagged for "specialty" vehicles. Boundless Rider is bringing to market an innovative insurance product that can be coupled with an optional smartphone app to unlock a suite of industry-first features and benefits designed specifically for riders.

"Motorcycle insurance hasn't benefited from the explosion in technology and data science in the same way as other insurance product lines," said Blair Baldwin, co-founder and CEO, Boundless Rider. "We have a massive opportunity to do right for riders and the ecosystem of partners who support the riding community with a purpose-built insurance product, engagement platform, and proprietary tech stack."

Boundless Rider will offer coverage directly to consumers and through partners on a state-by-state basis beginning in late 2022. Owners of motorcycles, recreational ATVs and UTVs, snowmobiles, scooters and mopeds, dirt bikes, and e-bikes will be eligible to buy a policy online or over the phone.

"Blair and his team are bringing something new to the insurance industry: a digitally native motorcycle and powersports product that can be easily bundled with insurers' core insurance offerings," said Kyle Beatty, Managing Director, American Family Ventures. "Boundless Rider's proprietary technology has enabled the team to modernize the motorcycle insurance experience and bring best-in-class coverage to all kinds of riders and the brands who serve them."

The infusion of new capital will be used to fund ongoing investments in data science, partner integrations, and state expansion. Representatives from Boundless Rider will be in attendance at Insuretech Connect from September 20-22, 2022 in Las Vegas, Nevada.

Boundless Rider Insurance Agency LLC ("Boundless Rider") is focused on bringing product innovation, rider centricity, and excellence in claims to riders of specialty vehicles like motorcycles, e-bikes, ATVs, UTVs, and snowmobiles. Built on a proprietary tech stack, the optional Boundless Rider app powers a number of innovative policy enhancements that make riders safer, put money back in their pockets, and extend coverage where they need it most. Boundless Rider is a wholly-owned subsidiary of MileUp, Inc.

Media Contact: Jennifer Zimmerman, [email protected]

SOURCE Boundless Rider Insurance Agency LLC