Pouch launches, closes latest funding round

CHICAGO – Pouch has launched a commercial auto insurance that rewards small businesses for safe driving. Aimed at contractors, landscapers and other small businesses that depend on a fleet of vehicles, Pouch offers free tracking software for every vehicle insured. Now available in Illinois, Pouch will be rolling out to additional states in the coming months.

“Unlike traditional commercial insurance, we’re not just here when you have a claim to report. We make it affordable to get information that keeps your employees and your business assets safe,” said Steve McKay, founder and CEO of Pouch. “If your employees are driving poorly and putting your business at risk, you’ll know. And when your employees are driving safely, we’ll reward you. It’s an entirely different way to think about insurance — a true ally to help you keep an eye on your business.”

Free GPS vehicle tracking software gives business owners more visibility over where their trucks and vans are located at any given time. The resulting analytics offer new insights on employee driving behavior that are key to training.

For more information on Pouch’s new commercial auto insurance click here.

Additionally, the company has also closed a seed round of funding from ILS Capital. Pouch adds a new line of business to ILS Capital’s portfolio while ILS provides resources that allow Pouch to focus on growth.

As part of the investment, ILS Capital will provide Pouch with access to its portfolio of insurance companies to underwrite policies, access to distribution channels and operational and development resources and expertise—all of which has saved Pouch significant time and money, prevented delays and trial and error, and allowed Pouch to launch in less than half the time it would have taken to assemble the necessary resources on its own.

The investment will give Pouch all the advantages of a midsize insurance provider. While it typically takes new insurance companies 18 months or more to assemble the services and expertise required to get off the ground, Pouch has launched in eight months, leveraging the experience of its founders and the resources at its disposal at ILS Capital.

Learn more about the seed funding round, here.