Insurtech startup CoverWallet closes new round of funding
Insurtech startup CoverWallet has closed an $18.5 million series B funding round led by Foundation Capital with participation from existing investors Union Square Ventures, Index Ventures, CV Starr, and Two Sigma Ventures.
The company said it plans to use the new funding to continue building its core technology, expand partnerships, and scale operations.
CoverWallet leverages data and technology to customise and simplify the purchase of insurance for small businesses.
As part of the funding round, Charles Moldow, partner at Foundation Capital, joins John Buttrick from Union Square on the company’s board of directors.
“We’re thrilled to welcome Foundation Capital and Charles Moldow to the CoverWallet family,” said Inaki Berenguer, co-founder and CEO of CoverWallet.
“They share our assessment of the insurance industry as being inefficient and unloved by customers. Not a recipe for success.
“Today, there exists a unique opportunity to reinvent it by focusing on the CoverWallet principles of simplification and transparency, leveraging analytics, and ultimately reducing friction. We are on a mission to use technology to democratise hassle-free access to business insurance.”
Since launching in 2016, CoverWallet has secured more than $30 million in venture capital funding.