Coverdash, a fully-digital business insurance startup providing simplified insurance solutions to businesses, has closed an oversubscribed seed funding round and officially launched.
The funding round was led by Bling Capital, with participation from other notable investors, including AXIS Digital Ventures, Tokio Marine Future Fund (in affiliation with World Innovation Lab), Expansion VC, and Cameron Ventures.
Multiple strategic angel investors also contributed to the round, including Greg Hendrick, CEO of Vantage Risk; Garret Koehn, president of CRC Insurance; and Steve Shenfeld, president of MidOcean Partners.
Based in New York City, Coverdash aims to simplify the process of buying and managing business insurance for e-commerce merchants, gig workers, and all other types of businessowners.
The company offers a broad range of commercial insurance products, including liability, property, workers’ compensation, and cyber.
Coverdash’s digital insurance experience enables businessowners to quote, bind, pay for, and actively manage insurance policies in a matter of seconds. Through relationships with many of the world’s most recognised insurers, Coverdash said it provides the coverages growing businesses need at the most affordable rates.
Coverdash’s embedded technology enables partners to easily offer insurance to existing customers with a single line of code. Integration is straightforward, requiring no extensive engineering resources or implementation.
Moreover, the insurance startup’s network of embedded partners include leading online market places, service providers, PEOs, lenders, brokers, and various other platforms who serve or transact with businesses nationwide.
Coverdash said the funding will fuel its ongoing expansion and development through increased product innovation, go-to-market initiatives, and strategic hiring.
Ralph Betesh, co-founder and CEO of Coverdash, said, “InsurTech 2.0 is here, making the next phase of the embedded fintech revolution. We have created a frictionless transactional experience that is unseen within the insurance landscape. Our mission is to empower partners with these capabilities and help finally make insurance accessible and simple for business owners across the nation.”
Last year, New Delhi-based InsurTech company Zopper reportedly raised $75m in its Series C funding round.
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