Insurance broker Coverfox said to raise $22m in Series C led by IFC

April 23, 2018

Insurance broker company Coverfox has reportedly bagged a $22m Series C round led by International Finance Corporation (IFC).

Other participants in the round included Transamerica, Catamaran Ventures, Pratithi Investment Trust and NuVentures, according to various reports in the media.

Founded in 2013, Coverfox works with 25 insurers to offer users over 100 policies to chose from. Tools are available to help consumers to find the correct product. The broker helps customers find bike, car, term life, health and travel insurance policies.

Through the website, a user can set up an unlinked investment plan which creates an investment portfolio as well as life insurance cover. This helps a holder reach financial goals as well as stay covered through insurance.

Some of the company partners include AXA, Future Generali, Oriental Insurance, HDFC Life, Kotak General Insurance, Aegon Life and ApolloMunich Health Insurance, among others.

With this capital injection, Coverfox hopes to strengthen its product and technology, increase its offerings portfolio and further its geographic expansions.

This funding comes after Coverfox raised $15m last year in a round led by Transamerica and participation from Fosun Kinzon Capital.

Earlier in the year, IFC partnered with Victory Park Capital to launch a new FinTech-focused investment vehicle. The fund will look to back technology companies impacting the financial infrastructure, products and services space in emerging markets.

The firm has made a series of investments in the FinTech space, having recently taken part in the $55m Series C funding round of Brazil-based Creditas. The company is a secured lending platform which provides loans at affordable rates by using homes and autos for collateral.

Investment volume stayed the same in the InsurTech space last year, compared to 2016, with both years seeing $1.4bn invested, according to data by FinTech Global. Deal volume also stayed relatively level with 2017 seeing 97 transactions, while 101 were completed during 2016.