Cover, a U.S.-based mobile insurtech company and Y Combinator alum, announced last week it secured $16 million through Series B funding round, which was led by Tribe Capital with participationfrom Samsung, Y Combinator, Exor and Social Capital.
Founded in 2016, Cover’s primary product is a mobile application that takes in a picture of property you want to ensure (cars, homes, pets, jewelry etc.) and connects you with insurance partners that can get you the best price and coverage. Speaking about growth and development, the Cover team stated:
“We’ll be growing rapidly to enable us to offer an even better experience – from more expert insurance agents to help you find the right policy, to extra engineers implementing technology to make getting coverage even more convenient. We’ve come a long way since Cover was operating out of a house in San Francisco. Our team has grown tenfold and we’ve helped thousands of people find better coverage with minimum hassle.”
Cover also reported it will also be releasing a new e-commerce tool on Shopify called Cover Warranties and eventually expanding all of our services across the U.S. and Canada. The company added:
“Further down the line, there are still major opportunities to use the power of technology to make insurance as user-friendly as we believe it should be. With the funding secured, our growing team is more committed than ever to making this happen.”
