Telematics startup Bambi Dynamic appears to be going out of business
According to intel received by Coverager, Bambi Dynamic is going out of business.
Founded in 2017, the startup raised $6 million from MS&AD Ventures and Phoenix Insurance Company for its white-label mobility platform that offered the flexibility to connect with multiple data providers and connectivity devices to onboard, underwrite, and price car insurance policies.
The Phoenix Drive, which was its debut offering, enabled its insurer-investor-partner to provide a pay-as-you-go insurance package. Later, when Phoenix announced that it was partnering with Tesla and Bambi Dynamic to run the InsureMyTesla program in Israel, the firm made something of a big splash. All things relative.
As an aside, Phoenix is still a Tesla partner and serves around 80% of the Israeli market – at a loss, according to a source.
In between, Moshe Pinto, the co-founder of Bambi Dynamic left his role as CEO in February 2022, according to LinkedIn data.
One source pins the current outcomes to lack of clients. The company’s site is now down, yet according to a company source, it’s just a bug, but the company needs funding urgently.
Bottom Line: Is there a more ominous bottom line than the one we shared with you in 2020?