Parsyl, a technology-driven insurer specializing in complex supply chains, secured $20 mn in Series C funding to accelerate its expansion. The Lightsmith Group, a private equity firm focused on climate resilience, led the round.
Existing backers, including HSCM Ventures, GLP Capital Partners, Lineage Ventures, and FirstTracks Ventures, also participated. Guy Carpenter Capital and Advisory provided transaction support.
Parsyl, established in 2017, is a technology-driven insurer specializing in complex supply chains, particularly for perishable goods such as food, beverages, and pharmaceuticals. The company integrates sensor data and advanced analytics to enhance risk management and provide tailored insurance solutions.
By deploying smart sensors, Parsyl monitors variables like temperature, location, and humidity throughout the supply chain. This real-time data collection enables precise risk assessment and efficient claims processing. For instance, in 2022, Parsyl’s sensors preserved a shipment of pasteurized crab meat during an unexpected delay, preventing a potential loss of $340,000.
Parsyl’s growth over the past two years stems from its focus on insuring underserved commodities in the marine cargo sector.
The company leverages data and modern technology to enhance traditional underwriting practices, helping clients strengthen their supply chains. Its primary markets include food, beverage, and pharmaceuticals.
This investment validates our vision and will help us scale our team, technology, and underwriting capacity to better serve critical supply chains
Ben Hubbard, Parsyl CEO
Operating through a Managing General Underwriter (MGU) and a Lloyd’s of London syndicate, Parsyl leads one of the largest marine cargo consortia in the London market. The insurer works with over 20 capacity providers, including consortia, delegated underwriting partners, and reinsurance providers at Lloyd’s.
Parsyl is an impact underwriter for essential supply chains. We incorporate emerging supply chain and transition risks into our data- and expertise-driven underwriting practices to drive global impact.
Parsyl works with companies of any size to insure complex supply chain risks, including food and beverage, life science, pharmaceuticals, raw inputs, packaged and finished goods, and technology components and equipment.
Jay Koh, Managing Director at The Lightsmith Group, highlighted the impact of climate risks on supply chains.
Climate change is disrupting global logistics. Parsyl offers a modern solution to address these challenges by applying AI and data-driven insights to help clients manage supply chain risks
Jay Koh, Managing Director at The Lightsmith Group
Parsyl’s platform combines diverse supply chain data with AI, cloud tools, and machine learning to improve underwriting and lower costs. Its policies cover goods in transit and storage, with a focus on efficient claims handling and risk reduction. The insurer serves clients across various industries and regions, offering tailored cargo coverage with comprehensive risk insights.
Parsyl operates as a Lloyd’s Coverholder and manages Syndicate 1796, the first mission-driven syndicate at Lloyd’s of London. Through the Essential Consortium, Parsyl offers up to $55 mn in capacity for perishable cargo insurance, making it one of the largest providers in this market segment.
The company’s approach, termed “impact underwriting,” combines traditional insurance methods with modern technology to promote more resilient and sustainable supply chains. By analyzing granular supply chain data, Parsyl helps clients reduce waste, save costs, and improve the quality of their goods during transit and storage.
Parsyl’s comprehensive suite of cargo insurance products includes coverage for food and beverage, pharmaceuticals, life sciences, and non-perishable goods.
