The announcement comes on the heels of a $2.5 million Seed round secured last year as Coverdash states its aim to become an insurtech leader for startups and SMEs.
The financing round was spearheaded by Nyca Partners, a leading investment firm, with participation from a consortium of existing investors such as Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures, among others.
Founded in 2022 with a vision to cater to the insurance needs of SMEs and startups across the United States, Coverdash has steadily expanded its reach and impact in the industry. Since its inception, the company boasts over 100 embedded distribution partnerships, a testament to its growing influence and market penetration.
One of the core strengths of Coverdash lies in its technology stack, which empowers partners to seamlessly integrate and offer insurance solutions within seconds. According to the company, a staggering 75% of businesses in the US are currently underinsured, with 43% of small businesses lacking insurance altogether, highlighting the critical role Coverdash aims to play in addressing this gap.
Coverdash’s suite of primary products encompasses a wide range of insurance solutions tailored to meet the diverse needs of its clientele, including general liability, business owners’ policy, workers’ compensation, directors’ and officers’ liability, cyber insurance, and professional liability.
With this latest injection of capital, Coverdash is poised to further consolidate its position in the market and continue its mission of democratising access to insurance for businesses of all sizes across the nation.
Ralph Betesh, co-founder and CEO of Coverdash, commmented on the capital raise saying that the insurtech acts as a virtual risk management arm, and their service goes beyond coverage, providing support to smaller firms.
“… in today’s challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities.”
Nyca Partner Stephanie Khoo added: “Giving SMB service providers – payroll, payments, lending, website creation, HR, etc – the ability to offer their customers seamless access to business insurance allows them to deepen their client relationships while adding a heretofore untapped revenue stream.”
