Auto insurance platform Clearcover has closed its Series B round of funding on $43m.
The capital injection was led by Cox Enterprises, a media, communications and automotive services business. Other contributions to the round came from American Family Ventures, IA Capital Group, Lightbank, and Hyde Park Angels. Debt financing was supplied by Silicon Valley Bank.
Through the capital injection, the company will look to boost funding for its API platform, launch its services in more US states, and integrate additional distribution partners. It is also hoping to hire an additional 50 staff members to its engineering, data science and customer advocate teams.
California-based Clearcover is a car insurance platform which gives consumers an online and quick way to protect their vehicles. The app claims to give consumers cheaper insurance products, and quicker responses for claims.
Some of its distribution partners include Cars.com, The Zebra, and Chime, with plans to reach more during the course of 2019.
Cox Enterprises senior director of strategy and corporate development Spencer Boice said, “Cox Enterprises is proud to take a leading role in accelerating and supporting innovation within the car insurance industry. With the rise of new digital platforms, drivers can now find better, non-traditional insurance options and Clearcover is positioned to make a huge impact in a roughly $250 billion market. Clearcover shares our vision of using data and technology to drive smarter connections and more convenience online.”
There has been a lot activity in the InsurTech space over the past couple of months. Within the auto industry, Porsche Financial Services launched a new insurance division in partnership with Mile Auto, in order to provide its customers with ‘pay-per-mile’ insurance lines.
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