Digital insurance broker UpCover, which specialises in commercial insurance solutions, has raised $19m in a Series A funding round to accelerate the growth of its platform.
The investment round included $11m in equity funding, led by RealVC, with participation from Antler Elevate’s Global Fund, Betterlabs, and Gandel Invest, according to a report from Capital Brief. Additionally, the company secured $8m in debt financing from Marshall Investments.
Founded in 2021 by Skye Theodorou, Anish Sinha, and Sajjad Naveed, UpCover is a digital-first commercial insurance broker aiming to modernise the industry. Its platform supports small businesses looking for insurance, supporting them to find various policy types, including allied health professionals, public & property liability, professional indemnity, cyber & privacy liability and management, sole traders and association liability.
UpCover plans to use the newly secured capital to expand its suite of digital insurance products throughout 2025. The funding will support the firm’s growth beyond its current base of 60,000 businesses, addressing a market where only 5% of commercial insurance transactions in Australia are conducted digitally—compared to over 60% in home and motor insurance.
Co-founder of UpCover, Skye Theodorou, highlighted the company’s resilience, stating, “We’ve defied the odds with UpCover. Not only has the business thrived during one of the hardest years Australia’s startup industry has seen, but we’re also competing against four of Australia’s largest companies who control 80% of our market.”
Paul Saunders, partner at RealVC, commented on the market opportunity, saying, “The $20bn Australian business insurance industry has remained stubbornly analogue, with the customer deeply unhappy with the experience and coverage. This has provided an enormous opportunity for a digital disruptor to change the paradigm.”
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