HDVI, a commercial trucking insurance startup, has secured $40 million in growth capital, bringing its total funding to over $87 million. The investment round, co-led by existing investors 8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital, will support the company’s expansion and technological advancements.
This funding will primarily be utilized to enhance HDVI’s telematics-driven products, expand coverage options, and refine tools for insurance agents as the company scales its operations nationwide. HDVI, founded in 2021, currently operates in 24 states and has a partnership with Spinnaker Insurance Company. In 2023, HDVI-produced premiums for Spinnaker totaled $42 million.
In addition to the funding, HDVI announced leadership changes. Co-founder Chuck Wallace, who served as CEO for seven years, will transition to a strategic advisor role and continue supporting the company’s long-term vision. Reid Spitz, who was appointed president in January 2024, will now assume the role of CEO. Spitz aims to guide HDVI through its next phase of profitable growth.
To further bolster its growth strategy, HDVI has broadened its reinsurance panel, adding “some of the world’s largest and most financially secure reinsurers.”
“HDVI’s innovative use of real-time telematics is reshaping commercial trucking insurance. This latest fundraise underscores the confidence we have in HDVI’s leadership and ability to deliver profitable growth.” – Will Weatherford, managing partner at Weatherford Capital.
“With the infusion of capital, HDVI is well positioned to continue leading the industry in leveraging technology in commercial auto insurance. Our team remains committed to continued innovation using telematics and other data sources along with new AI tools throughout the commercial auto policy lifecycle to drive risk reduction and efficiency at scale.” – Reid Spitz.
“I look forward to supporting my co-founder Reid in his new role. Reid is the right person to lead HDVI as it continues its strong growth and innovation in the future.” – Chuck Wallace.
