New investors include Stone Point Ventures, with participation from existing investors Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures, and Tribecca Early Stage Partners. The fundraising round netted $15 million, Covr said.
Covr’s platform offers a single digital insurance journey for multiple insurance carriers and product types. The company’s partners include some of the largest financial institutions, banks, and wealth management firms in the United States. Covr is the only embedded insurance platform that has both an advisor-facing and DTC platform on the same technology stack.
“We saw great success with this round of fundraising, and adding Stone Point Ventures to our list of investors is very exciting,” said Michael Kalen, CEO of Covr. “This fundraise will allow Covr to continue to grow and lead the way in digital insurance solutions that make the process simpler and more engaging for advisors and consumers.”
We are thrilled to participate in this round,” said Peter Longo of Connecticut Innovations. “We’ve watched Covr grow and expand its digital insurance offering, and look forward to continued innovations in this growing space.”
The most recent fundraising round will provide growth capital for Covr to continue to build its technology and support a growing number of distribution partnerships, financial advisors and insurance producers.
Source: Insurance Business Magazine
