Founders of Lula Matthew and Michael Vega-Sanz join the latest episode of Skin In The Game VC Podcast with Tom Wallace and new co-host Saxon Baum.
Matthew and Michael discuss their journey of creating a car sharing app called Lula. They talk about how they came up with the idea while in college and built an app that initially had many flaws. However, over time, the app gained traction and went viral, becoming one of the top car sharing apps in the country. They also faced challenges in securing insurance coverage for their rentals but eventually found an insurance company to work with.
The two founders emphasize their passion for insurance and how it touches every aspect of life. They mention using data points to assess risk when users sign up for their service. Matthew and Michael also speak about a critical moment in which they decided to pivot from being a car rental company to focusing on insurance. Lula now provides insurance-related services, including claims management and risk reduction to help companies save money by reducing insurance expenses and optimizing teams.
Lula has experienced significant recent growth, increasing their customer base from 99 to nearly 4,000 companies in just over a year. Hear more about the company’s rise to success from the brothers who founded it, right here on Skin in the Game VC Podcast.
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