The investment will boost Cover Whale’s growth and support its mission to transform the trucking insurance industry while enhancing road safety across the United States. The funding tranche also highlights investor confidence in Cover Whale’s innovative vision and capabilities.
Founded in 2019, Cover Whale has quickly established itself as a disruptive force in the insurance sector. The company is acclaimed for its cutting-edge approach, utilizing technology to deliver rapid policy quotes and bound coverage to agents and their trucking clients.
Cover Whale’s unique business model incorporates advanced telematics and real-time driver coaching, establishing new benchmarks for efficiency and safety in commercial trucking insurance.
Speaking about the funding success, Dan Abrahamsen, CEO of Cover Whale (pictured) said: “Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core. We believe this investment from Morgan Stanley Expansion Capital will support our continuing mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we’ve already made for our agents, drivers, and the general motoring public.”
Nick Nocito, Executive Director of Morgan Stanley Expansion Capital, also commented,saying, “We believe Cover Whale is a rare instance where the team has built a large-scale InsurTech MGA and achieved consistent profitability while remaining capital efficient.”
He added: “We are looking forward to partnering with the team as they continue to grow the platform and pursue new avenues of growth.”
