Insurance broker Cover nets $16m in Series B

Insurance brokerage app Cover has closed its Series B round on $16m, with Tribe Capital acting as the lead backer.

Other contributions to the round came from Samsung, Y Combinator, Exor and Social Capital.

Cover is an online insurance brokerage platform which works with over 30 insurance companies in the US. The free-to-download app helps consumers to find the best coverage for car, home, renters, pet, jewellery, phone and electronics, homeowner and commercial insurance.

A user takes a photo or video of the product they wish to protect, Cover will then explore the market and find the best insurance rate available. Once it has been purchased, the user can use the app to manage it.

In a blog post from the company it said, “It is an exciting time for Cover and there are big developments to look forward to.

“There will be improvements to the mobile app to make buying insurance even more straightforward. For example, we’re working to allow you to arrange even more of our policy details via text message, to cut down the amount of time you’ll need to talk on the phone.”

Outside of developing the app, the company will also launch Cover Driving School, which is an online course promoting safe driving to lower insurance premiums.

Cover will also release Cover Warranties, an e-commerce tool on Shopify, and expand all its offerings across the US and Canada.

Earlier in the year, Tribe Capital led the $22.7m funding round of cryptocurrency trading platform SFOX.

Copyright © 2018 FinTech Global

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