Clearcover secures $50m as it looks to launch in more US states

Clearcover, an auto insurance platform, has secured $50m in its Series C round which was led by OMERS Ventures.

Previous backers of Clearcover including American Family Ventures, Cox Enterprises and IA Capital Group also contributed to the round. Prior to this round, the InsurTech raised $43m in a Series B in January 2019.

Capital from the new round will be used to develop new technology and launch its services into additional US states. Other plans are to double the size of its product, engineering and data science teams and integrating more distribution channels in the automotive and financial services space.

Clearcover is an online car insurance platform which gives consumers an easy was to quick way to get cover.

Last year, the company tripled its policy sales year-over-year and quadrupled premium, it claims. Clearcover is currently available in Arizona, California, Illinois, Ohio and Utah.

Clearcover co-founder and CEO Kyle Nakatsuji said, “The market is taking notice of how Clearcover is redesigning the model of running an insurance company in further service of customers. OMERS Ventures brings a wealth of resources and experience to support scaling our business, making them the ideal partner as we take on the next stage of growth.

“This investment enables us to continue delivering better coverage – for up to 230 million licensed US drivers – for less money.”

In line with the investment, OMERS Ventures managing partner Michael Yang will join the company’s board of directors.

Copyright © 2020 FinTech Global

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