Trucking insurance startup HDVI has secured $40 million in growth capital, bringing its total funding to over $87 million. The round, co-led by existing investors 8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital, will support the enhancement of HDVI’s telematics-driven products, expanded coverage, and improved tools for insurance agents as the company scales nationwide.
HDVI also announced key leadership transitions. After seven years as CEO, co-founder Chuck Wallace will become a strategic advisor and continue supporting the company’s long-term vision. Co-founder Reid Spitz, appointed president in January 2024 to prepare for this shift, will now serve as CEO and guide HDVI’s next phase of profitable growth.
To support its growth strategy, HDVI has expanded its reinsurance panel to include “some of the world’s largest and most financially secure reinsurers.”
Founded in 2021, HDVI is active in 24 states and partners with Spinnaker Insurance Company, which in 2023 reported $42 million in written premiums produced by HDVI.
“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.
