Insurance support solution CoverWallet has bagged $18.5m in its Series B funding round led by Foundation Capital.
Other backers to the round included Union Square Ventures, Index Ventures, CV Starr, and Two Sigma Ventures.
Launching in 2016, the company leverages data to help small businesses gain access to digitally tailored insurance advice and products. The platform helps companies to get a free quote for policies including general liability, property, E&O, workers comp, and commercial property, among others.
CoverWallet is partnered with firms including Hamilton, STARR Companies, Liberty Mutual Insurance, Markel, Progressive and Hiscox, among others.
This capital injection will help CoverWallet to build on its technology, increase its partnerships and scale its operations, to help keep up with growing demands.
CoverWallet co-founder and CEO Inaki Berenguer said, “We’re thrilled to welcome Foundation Capital and Charles Moldow to the CoverWallet family. They share our assessment of the insurance industry as being inefficient and unloved by customers. Not a recipe for success.”
As part of the transaction, Foundation Capital partner Charles Moldow and Union Square John Buttrick will joining the company board of directors.
Following the new investment, the company has secured a total of $30m in funding, with the company having scored a $7.8m Series A late last year. The previous investment saw commitments from Union Square Ventures, Highland Capital Partners, Two Sigma Ventures and Founder Collective.
There has been a recent surge in InsurTech investments, with Coverfy landing ?3.5m and and ValueInsured closing a $6.5m round this week. Last week saw 10 InsurTech deals close.
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