MLTPLY Co-leads $3.3 Million Investment in Mobility Insurance Startup Stable
MLTPLY, a company that helps insurtech entrepreneurs quickly 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.
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, not only do customers digitally secure insurance with features specifically tailored to their use, but they also have access to tools that allow owners to run their small business more efficiently and profitably.
Founded by Douglas Ver Mulm, Stephen Dekker, and John Salvucci, Stable will initially serve car share and rideshare vehicle owners as it launches in Illinois and expands to other states later this year. Working with ILS Capital Management as its insurance partner, Stable has automated large parts of the data collection, underwriting, administration, and claims processes with an eye toward the future to continue to offer owners and drivers more value on the Stable platform.
In addition to insurance, Stable offers tools and analytics, so owner operators and growing fleets can run their business more effectively. The analytics available on Stable’s dashboard offer a holistic view of risk levels and profitability metrics, allowing owners and operators to make better and more informed decisions.
Given the sheer number of miles these vehicles put on, accidents will happen at a higher frequency. With technology embedded in the cars, Stable can immediately kick-off the claims process after an accident. Stable’s easy-to-use claims feature makes it simple to track and close out claims as quickly as possible.
“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.”
“MLTPLY exists to help innovators like Stable realize value by freeing them from time-consuming core business functions so they can focus entirely on solving market-changing problems,” said MLTPLY CEO Gloria Guntinas. “Doug, Stephen, and John have identified a true pain point and a way for rideshare and carshare vehicle owners to save money and time as they build their business.”
Brooklyn Bridge Ventures, a pre-seed fund focused on New York City startups, is co-leading the round with MLTPY. 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.