Start-up Fund Joensuu invests in Redkik to improve marine cargo insurance practices

JOENSUU, Finland & OXFORD, Maryland, USA June 23rd, 2021

Redkik, a global Insurtech start-up with a mission to simplify and improve the marine cargo insurance industry, announced today the completion of a investment round led by business angel Ilari Schouwvlieger, together with North Karelia Growth Fund managed by venture capital firm Redstone, and StartUp Fund Joensuu.

Redkik’s mission is to simplify and improve the user experience for all parties within the transport and logistic supply chain, when interacting with the insurance industry. Currently, buying annual cargo policy or using an additional insurance website, requires re-keying of data and other lengthy delays related to quotation response times. Redkik’s automated solution provides a 1-click, ondemand response with highly competitive per shipment quotes generated in seconds.

Redstone’s Kaj Hagros, the general partner for the North Karelia Growth Fund, comments:
“Quite remarkably, there does not seem to be per- shipment cargo insurance available easily  and digitally, despite the global marine insurance being valued at over 30 billion USD. Redkik is the early bird on a new InsurTech market where currently around half of all of goods go uninsured due to inflexible policies. The solution is instantly available globally allowing a policy to be created in seconds – which made us believe they will scale fast and big. Great to be able to support the ride”.

”We are happy and excited to join Redkik and the investor team. The service is already live in the US and they have developed an impressive SaaS solution that aims directly to the global market. Their digital platform and technology are developed in Joensuu, Finland, making the company a perfect fit with our investment focus”, states Harri Palviainen, Chairman of the Board, Joensuu Startup Development.

With this new capital injection, Redkik can advance their industryleading technology, and at the same time onboard new clients and partners to their rapidly growing network of freight forwarders who want to help their customers insure and secure goods instantly.

”Insurance for shipping is today determined the same way as 30 years ago. Outdated technology and IT solutions result in low efficiency, high overhead costs, and complexity for every party within the supply chain. With the investment from Redstone’s North Karelia Growth Fund, the StartUp Fund Joensuu, and together with our experienced angel investors, we will be able to onboard more freight forwarders in the US and Europe, which enables their customers to buy per- shipment insurance at the time of freights being booked”, said Chris Kalinski, Founder, and CEO of Redkik.

The SaaS solution for per shipment insurance is already available in the US. The company will be launching in the European market in early Q3, and the rest of the world by the end of 2021.

About Redkik
Redkik is a global Insurtech start-up with the mission to transform and improve the insurance industry for all parties within logistics and transportation. No need for annual and complex insurance policies, through Redkik’s embedded integration with licensed cargo insurance providers, freight forwarders can now offer their customers on-demand per shipment, customized cargo insurance at the time of their freights being booked.

About Redstone
Redstone is a Berlin-based venture capital firm managing multiple VC funds and corporate venture funds. Redstone is the general partner for North Karelia Growth Fund. North Karelia Growth Fund invests in recently established and young companies from the Region, particularly in the sectors of digitalization, forest and bio economy, photonics, travel and creative industries and material sciences.

Start-up Fund Joensuu
The Start-up Fund Joensuu – Investment Fund helps startup companies to grow, employ people and internationalize. The Fund obtains its capital from Joensuu Startup Development and private investors. The fund is managed by Joensuu Startup Kehitys Ky, a subsidiary of Business Joensuu. Together with the Business Joensuu’s Business Accelerator and internationalization services, the Fund supports the domestic and international growth of its target companies. The Fund is an avenue for companies second phase funding round. While the Fund is not subject to any fieldspecific restrictions, its main focus is on companies that specialize in digitalization, the forest bioeconomy, materials, and innovative technology. Target companies must operate in Joensuu or have a connection with the Joensuu region at the level of operative activities.

PRESS INQUIRIES

Redkik Europe
CEO Europe
rob.connell@redkik.com

Redkik USA/ RoW
Founder & Chairman
chris.kalinski@redkik.com

Redstone
General partner for the North Karelia Growth Fund
kaj.hagros@redstone.vc

Start-up Fund Joensuu
CEO
harri.palviainen@businessjoensuu.fi