Lula provides an insurance API and a broader insurance platform that includes risk management, claims management, policy management and access to coverage. The company started by targeting car rental and sharing platforms and has expanded into trucking and logistics, including a pay-for-time-on-road trucking product and driver vetting tools. Lula reports rapid customer growth from 99 businesses in February 2022 to nearly 4,000 as of July, and monthly revenue has multiplied 20x since February 2022. The company declined to share hard revenue figures but expects to pass $100 million in annual recurring revenue over the next three to four quarters and says the new capital will get it to profitability in the next couple of quarters. Customers and partners include Kyte, Turo and State National. Lula emphasizes capital efficiency and unit economics and had a roughly 115-person team at the time of the report. Lula provides insurance infrastructure via an API and a technology-enabled suite including customer vetting, fraud detection, driver-history checks, policy management and claims handling through insurance partners. The company evolved from a college-era car-rental app built by 25-year-old twin founders Michael and Matthew Vega-Sanz and pivoted to insurance infrastructure in April 2020, launching an MVP in August 2020. Lula reports roughly 30% month-over-month growth after reaching profitability within its first four months and has a waiting list of nearly 2,000 companies. Existing clients include ReadyDrive and a number of SMBs; Flexport — an investor — will run a pilot integrating short-duration insurance for truckers and cargo coverage at point of sale. The raise is intended to build the team to meet demand and further develop the technology, including more granular data collection, vetting systems, and a more robust API. Ultimately the company aims to operate as a carrier in some capacity while continuing to expand its insurance infrastructure offering.

Total raised

$54M

Funding rounds

2

Latest round

Series B

Latest activity

Aug 2023