CrashBay announces completion of $1.25 million funding round

CrashBay announces completion of $1.25 million funding round | Insurance Business Canada

Motor & Fleet

CrashBay announces completion of $1.25 million funding round

Aim is to give a significant boost to insurance companies’ claims departments

Motor & Fleet

By
Abigail Adriatico

CrashBay, a digital marketplace for collision repair solutions dedicated to fleets and carriers, has announced that it has completed a funding round amounting to $1.25 million, led by venture capital firm Markd.

CrashBay serves as an end-to-end collision repair solution that focuses on the needs of fleets and carriers. It allows car owners and carriers to book appointments with repair shops through its platform. Repair shops can also access programs that can help them streamline their operations and improve their services.

With the funding, CrashBay will focus on accelerating its efforts in product development, ramping up its strategies for customer acquisition, and expanding its essential services.

“This partnership with Markd signifies a major milestone for our company, giving us the fuel we need to achieve our mission of empowering car owners and carriers to connect with trusted repair shops anywhere in the world,” said CrashBay founder and CEO John Harvey.

“Being backed by such a prolific Insurtech fund like Markd, with their expertise and leadership, uniquely equips CrashBay as we embark on the next stage of our transformation journey,” he added.

Andre Daniels, co-founder and president of CrashBay, also commented: “Our traction highlights the importance of creating a unified marketplace that simplifies the complexities associated with collision repair, fostering an environment where trust, transparency, and efficiency thrive. Our focus as a facilitator helps all stakeholders benefit from process digitization.”

Parker Beauchamp, managing partner at Markd, expressed his excitement for the CrashBay team. He believed that improvements could be made in insurance companies’ claims departments for car repairs.

“I’m sick of waiting 6+ months for my car repairs, and I figured everyone else is, too. These guys grew up in body shops and insurance company claims departments. Surely, there are improvements to be made. I’m excited for the CrashBay team and their opportunity,” Beauchamp said.

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